The USDCHF is following the USDs run to the upside in the US session. US yields are helping. The 10-year yield is near 4.15%, up 5.6 basis points. The two-year yield is at 4.406% +3.0 basis points. At 1 PM ET, the U.S. Treasury auctions off $60 billion of 2-year notes. That will be followed by the auction of a five and seven year notes tomorrow and on Thursday.
The USDCHF price is trading to new session highs and in the process has moved above and away from its 38.2% retracement of the move down from the October high (at 0.86803 – see chart below). The price has entered into a swing area between 0.8711 and 0.8731. Get above that level and it opens a door for the 50% midpoint at 0.8788.
Buyers in the USDCHF are making the next play. Can they keep the momentum going and get above the high of the swing area at 0.87314 now?
USDCHF extends to new session highs