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USD/CHF defies EUR/USD rebound as EUR/CHF lifts
An earlier update here noted the potential for stops to be in place above 1.0450 in the EUR/USD. Well, since then the EUR/USD has traded to a high at 1.0458, very much confirming what was thought here earlier. However, at the same the USD/CHF has defied that move and also risen, despite US yields edging lower. So, the reason for that is clear- we have a shunt higher in the EUR/CHF now today. The EUR/CHF has lifted from a close last night at 0.9402, to a high this afternoon at 0.9441. So, that dynamic has allowed the USD/CHF to advance to its highest level since the SNB started the ball rolling for the CHF to weaken, with that unexpected 0.50% rate cut. The high seen so far on the USD/CHF has been set at 0.9040. It is currently trading at 0.9034, as the EUR/USD slips back underneath 1.0450
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