USDCHF extends above key retracement target. Trades at highest since November 14

The price of the USDCHF has followed the US dollar higher and in the process has been able to extend above its 61.8% retracement of the move down from the October 2023 high to the December low. That retracement level comes in 0.88957. In the process, the pair is trading at its highest level since November 14.

The price also extended above the swing highs from 2024 including the February high at 0.8885, and the March 1 high at 0.88929. That area down to 0.8885 is now a risk-defining level in the short term for buyers looking for more upside momentum. Staying above is more bullish. Moving below’s more bearish.

This article was written by Greg Michalowski at www.forexlive.com.