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The USDCHF has reached its highest level since July 27.

  • 09 August, 2021
  • 5:55 pm EEST

The USDCHF has reached its highest level since July 27.

Breaks over a trendline at 0.91808 

The USDCHF is now trading at its highest level since July 27. (tests that level now at 0.91863). The upward movement has broken through an hours open trendline that connects highs dating back to July 7. Buyers will be given more power.

 

Breaks above a trendline at 0.91808_

 

Traders will begin to aim for the 0.9200 region if the price moves above 0.91863. Between 0.9199 and 0.92026, there are a number of swing lows and highs. When you go over that level, it opens the door for a dash toward the 0.9220 area (another swing area).

Drilling down to the five-minute chart below, traders have done an excellent job of positioning themselves against the 200/100 bar MAs (green and blue lines). Risk was specified and limited, and it paid off with an upward advance.

Buyers retain control if the price remains above those moving averages (now at 0.91632 and 0.91575 and going higher). If we move lower, we should see further downside probing.

 

USDCHF on the 5 minute chart

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