The USDCHF is pushing higher as yields move higher in the US. Recall from last week as well, that the Swiss National Bank Rates are unchanged. The market was expecting a 25 basis point hike.
Meanwhile, the US Rates were unchanged as well, but the Fed did keep one additional hike in 2023 in play. They also raised the expectations for the end-of-year Fed funds rate to 5.1% from 4.6% in June.
The USDCHF was now up 9 of the last 10 trading days.
Technically the price is moving toward the May 31 high at 0.9146. The high price is 0.91345.
Getting above that high would open the door for further upside momentum with the 38.2% retracement of the move down from the November 3, 2022 high at 0.91615 as the next key target. Traders want to see the price move above the 38.2% retracement of a trend move (see the video for a further discussion of that dynamic).
In the short and medium-term with the price moving up 9 the last 10 trading days, the buyers are in control.
This article was written by Greg Michalowski at www.forexlive.com. Source