USDCHF extends above the 200 day MA

The USDCHF has moved up to a high of 0.88357. That is just short of a high swing area on the daily chart above at 0.88379. Get above that level and stay above, opens the door for more upside momentum.

ON the downside, the closest risk is the 200 day MA, but more conservative risk would be the 50% of the move down from the May high at 0.87986. I would think that short term traders seeing a move above the 50% and the 200 day MA would want to see both those technical levels remain broken.

If not, there could be some disappointment on the failed break and more downside corrective probing.

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