50% midpoint at 0.9224 in the USDCHF
The USDCHF move lower earlier in the Asian session and in the process tested the 100 day moving average at 0.9188. The low price reached 0.91866, and quickly rebounded. Sellers turned the buyers, and with the dollar buying in the US session, has sent the price higher.
The pair’s run to the upside did stall right at the 50% midpoint of the move down from the September 30 high at 0.92242. However, the last hour has seen a break above that 50% level. The price has run up to the highest level since October 20 (breaking above the Friday high at 0.92369). The high prices reached 0.92413.
The 50% midpoint will now be close risk for the longs. It would take a move back below that level to disappoint the buyers. Stay above, and the 0.92495 to 0.92524 swing area, and the 61.8% retracement of the move down from the September 30 high at 0.9258 become the next targets.
Move back below the 50% retracement and I would expect buyers turned sellers in the price to rotate back to the downside.