USDCHF trades to the highest level since July 2020

The  USDCHF  has moved to the highest level since July 2020. In the process, the price has been able to also extend above a swing area on the daily chart between 0.9459 at 0.9472 (see yellow area and red numbered circles on the chart above). That swing areas now close risk on the daily chart. Stay above is more bullish. Move below and there could be some further downside probing

The next key upside target comes against the 50% midpoint of the move down from the 2019 swing high. That midpoint level comes in at 0.94958. The high price has reached 0.94901 and currently trades at 0.94887 just below that high for the day.

A move above the 50% – and stay above – would increase the bias to the upside for the pair.

Drilling to the hourly chart below, the move higher today has not been without its ups and downs (keep that in mind). In fact in the early US session, the price dipped back below the aforementioned swing area on the daily chart, and saw selling intensified down to a swing area between 0.9431 0.94419. The price also held a upward sloping trendline connecting recent lows over the last few days near that level.

The ability to hold those support levels led to a snap back to the upside for the USDCHF pair. The price just reached a new session high at 0.94945. That is just below the 50% midpoint at 0.94958 on the daily chart.

Can the buyers pushed above that 50% retracement level – and stay above? Or…Will risk focused sellers leaned against the 50% retracement level stall the rise, and push the price back below the 0.9459 level? the 0.9431 to 0.9441 area.

Those are the risk focused levels. Time will tell.