The Swissy is back probing key multi-year trend line resistance.
Earlier this year, the USDCHF rallied past this multi-year trend line and reversed course? Will it happen again? The risk at the moment is it may stall at these levels. Stocks may have put in a key reversal for the broad indexes which in turn could usher in some risk aversion. If the case, the CHF may show some strength. However, a break of the 1.0127 level resistance could send the pair towards the 1.0200 level especially if stocks continue the persistent move higher. Daily RSI is also reaching overbought levels which must be monitored.
Blake Morrow
