USDCHF trades to the highest level since June 9, 2020

USDCHF rises to new highs going back to June 2019 The run to the upside in the USD seen over the last few hours of trading has the USDCHF trading to a new cycle high and also the highest level since June 9, 2020. The high today took out the high from yesterday at 0.95356. Looking at the hourly chart, the price action in the Asian session took the pair back above an intraday ceiling area ahead of the extreme at 0.94917 to 0.9496. However in the early European session, the price tumbled back to the downside, and in the process, dipped below the rising 100 hour moving average (blue line). The price decline stalled soon thereafter after the USHCHF price could not get below the rising trend line. Sellers started to cover. The last break to the upside over the last five or six hours hours have seen an acceleration of the move to the upside. The high from yesterday at 0.95356 is now close risk for buyers on the break. The high price has reached 0.95525 so far. Taking a broader look at the daily chart, the low price today tested the low of a swing area between 0.9459 and 0.9472 (see post from yesterday) and found buyers. The price subsequently moved back above the 50% retracement at 0.94958. That level is close risk level on the daily chart now(as is the swing area too). Stay above keeps the buyers in control from a more longer-term charting perspective. Move below the 50%, and there could be disappointment from the failed break once again. USDCHF above swing area and 50% retracement