USDCHF trades to a new 2024 high today, but can not sustain momentum. What next?

The price of USDCHF rotated higher today and – in the process – extended to a new high for 2024. That run took out the February high at 0.8885 and the March high at 0.88929. However, momentum could not extend past 0.8898, and the price rotated back to the downside.

Since and the pair has been waffling up and down with a low near 0.8865. That level corresponds with spring highs from March 4 and March 5. Yesterday the price extended above that high and use it as a base for the February high at 0.8885.

So support is defined at 0.8865. Resistance remains against the previous highs at 0.8885, 0.88929, and today’s high at 0.8898.

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