USD/CHF so far unfazed by better Swiss PMI data

Yesterday the trend higher in the USD/CHF was endorsed by around 100 pip gain from the earlier session low around 0.9040, to a high at 0.9137. The USD/CHF later closed in the US for the first such close of the year, at 0.9123. That was the highest daily close for the USD/CHF since May 29 last year and it further underpinned the positive outlook here. That outlook has been in place since the 0.50% SNB rate cut in December. The reader is also once again reminded of the high seen in the dollar in 2024, at 0.9224 and that level remains the next upside target. The reader is also drawn to comments made here regarding the potential for the Dollar to discontinue its long term hold below parity with the CHF. That said, so far today the USD/CHF has been backing away from the high seen yesterday. The range seen has been covered by 0.9099 to 0.9125. The latest Swiss manufacturing PMI data has just been released and it was ever so slightly better (48.4 versus 48.3 expected). The service sector PMI has improved by more though, but immediately the USD/CHF seems to be ignoring the data. The USD/CHF is currently trading at 0.9105