USD/CHF keeps rising and hits highest since December near 0.9850
- US dollar continues to rally on the back of higher US yields.
- USD/CHF heads for seventh daily gain in-a-row.
The USD/CHF pair reached today the highest level since the beginning of the year at 0.9847. As of writing was trading at 0.9820/25, moving slightly away from the high.
The rally continues to be supported by a stronger US Dollar on the back of US yields. The 10-year reached 3% for the first tie since 2014 and remains near the highs. Also, the pair benefited from the weak Swiss Franc. Yesterday the greenback dropped modestly against most of its European rivals but USD/CHF ended with minor gains. The weakness in the Swiss Franc is seen in EUR/CHF that is back near the famous 1.2000 area.
On Thursday, the ECB meeting could have an impact on the pair while on Friday attention is likely to turn toward US data with the first estimate of Q1 GDP.
USD/CHF levels to watch
To the upside, the immediate resistance is seen at 0.9850, followed by 0.9875 (Nov 17 & 20 low) and 0.9915 (Dec 22 & 26 high). On the flip side, support might now be located at 0.9810, 0.9740 and 0.9710.