USD/CHF still waiting for take-off

On Friday the USD/CHF did make a brief move above a noted and quite important Fibonacci level, at 0.9024. However, it not extend much beyond that level at all. The high seen was only set at 0.9028. That does infer that little more than stops above 0.9024 and the previous interim high at 0.9022 were tripped and nothing else once they were out of the way. The USD/CHF later closed in New York, at 0.9020. Overnight the price action has seen been contained inside 0.9008 and 0.9021. Hence, it is currently below that Fibonacci level again. If the topside does give way once more, there are a cluster of highs in place around 0.9050 reached last July. There is a positive technical development and that is the rising 50 day moving average is about to cross over the 200 day. Both are currently in place at 0.8830. The elevated level of US yields and the aggressive SNB rate cut the other week continue to support a positive dollar dynamic, now making the USD/CHF almost as attractive as the USD/JPY in terms of a carry trade. The USD/CHF is currently trading at 0.9018