The USDCHF is moving sharply to the upside as the market reacts to the better-than-expected ISM data. In the process, the price has moved back above its 38.2% retracement at 0.90252. Recall that late last week, the price moved back below that retracement level which was a bit of a disappointment in the short term for buyers.
It will now take a move back below that level at 0.902522 shift the bias back to the downside in the short term. Absent that, and traders could look toward the next swing area on the daily chart between 0.9118 and 0.91469.
In the video above, I outline the key technical levels in play and talk through the bias shift seen in the trading today.
