USD/CHF reverses and climbs toward 0.9700, at 4-week highs

The Swiss franc dropped sharply across the board during the American session and boosted the USD/CHF pair that rose from 6-day lows to 3-week highs.

Yesterday the pair declined to 0.9584 and then rose modestly. Today it traded sideways most of the day around 0.9610/20, making limited moves. After the beginning of the American session gained momentum above 0.9625 and started to rise.

It accelerated and it was able to break the 0.9685/90 resistance area that last week capped the upside. It reached 0.9696, the highest level since March 29. It was holding near the 0.9700 handle, still with bullish momentum.

EUR/CHF and GBP/CHF at weekly highs

EUR/CHF surged today and rose to 1.0974, hitting the strongest level in a month. GBP/CHF was trading at the highest in three weeks, testing the resistance area around 1.3950; since April 11 it has risen 500 pips.