The USDCHF is moving to a new session high, and in the process is extending above its 50% midpoint of the move down from the June 30 high to the July 27 low. That midpoint level comes in at 0.8784. Key barometer for traders.
The USD in general is rising as it is being influenced more by rising yields, especially in the longer end. The 30-year yield is now up 8.3 basis points. The 10-year yield is up 5.1 basis points. The 2-year yield, which was down on the day is now trading up 0.6 basis points as well.
Technically, the 50% midpoint for the USDCHF will be a short-term risk and bias-defining level today. Staying above and the buyers are in firm control. Moving below, and there could be a rotation back toward 0.8756. That level was the swing low going back to January 2021. Be aware of that level on a dip today.
For now, the buyers remain in firm control in the short-term and medium-term at least.
This article was written by Greg Michalowski at www.forexlive.com. Source