USD/CHF running into resistance ahead of 0.8950 for the time being

The move higher in the USD/CHF really gathered pace last week, when it busted above its 200 day moving average, then at 0.8823 (now in place at 0.8825). That move came after the Swiss National Bank (SNB) really surprised the markets with a 0.50% rate cut. That cut has ensured the Swiss Franc has remained on the back foot versus the dollar since then. The high seen since Thursday has been set at 0.8946 and it was set last Friday. So, far today the dollar has not managed to get above that and stalled earlier at 0.8937 after closing in the US on Friday, at 0.8927. If you look at a chart of the USD/CHF over the past week you will see it is clearly running into resistance just ahead of 0.8950, but that does not detract from the prospect of more dollar upside to some in due course. Right now though, it seems the prospect of a Fed rate cut on Wednesday evening might just have taken the edge off the dollar for the time being. That said, all the while above 0.8825 on a daily closing basis, the trend higher remains intact. The USD/CHF is currently trading at 0.8917