week ago today, the USDCHF made a break to the upside and out of the “Red Box” that had confined the pair going back to August 20. The US jobs report was the catalyst for the move higher, but by Monday, the price fell back to the high of that “red box” and even moved within the topside edges of it.
Sellers should have entered on that breach, but the momentum was very modest, and sellers turned back to buyers into Tuesday and reached session – and week – highs on late Wednesday and into Thursday’s trade. Those highs reached a swing area between 0.86078 and 0.8619. The high price reached 0.86067.