December 4, 2022

Forex Solution

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USDCHF extends above 0.9000

1 min read

Swing area ahead from 0.9009 to 0.9012

The USDCHF is trading in a narrow 27 pip trading range to start the week in an up and down session. At the lows, the pair tried to push below the 200 hour MA at  0.89814, but could not solicit much upside momentum.

Swing area ahead from 0.9009 to 0.9012

The last 5 or hours has seen the price move back up toward the earlier session high AND the high from Friday, both at 0.89995 (call it 0.9000).  The price just traded up to 0.9001 but is not exactly racing to a new higher levels.

Nevertheless, the buyers hold more control, but they do need to push higher with more momentum.  Getting above the 61.8% retracement at 0.90044 and the swing area between 0.90097 and 0.9012 would be the next key targets to get to and through. 

If that can be done, the upside opens up more with 0.90288, 0.9034 and 0.90507 – 0.90530 as the next upside target.

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