The low was in the first hour of trading this week. The high will be the last hourly bar.
The USDCHF is not yet done.
The pair’s first hourly bar on Monday traded to a low price of 0.9572. That was the low for the week.
As the market heads to the close for the week, the pair is trading at a new session and week high at 0.9815. That is good for a 2.5% rise this week.
Looking at the daily chart above, the low this week stalled at a lower trend line. That line was broken last Friday, but the break found support buyers at the last swing low in April and rebounded higher. On Monday, buyers leaned against that line, and the rally was on.
The big day higher was during yesterday’s trade, when general dollar buying, and a break back above the 200 day MA contributed to trend buying. Today, the low found support buyers near the broken 200 day MA, and the price rally restarted. The 50% midpoint of the move down from the 2018 high at 0.9804 was broken on the last run higher. It took 6 days of buying to erase 1/2 of the two month decline (from the July 13 high) .
Drilling to the hourly chart below, what helped the bullish technical bias was the corrective move on Wednesday that stalled at the 100 hour MA. That held. The bull run restarted.
On Thursday, when the 200 day MA was broken, the price was also breaking above a topside trend line near the same area at 0.9728. Bullish.
Next week, the 50% midpoint at 0.9804 will be a bullish/bearish barometer. On a move below, look for the 200 day MA to be a strong support level. Stay above and bulls are still in control.
Absent that, the pair should continue the 6 day trend run higher.