FXStreet (Mumbai) – The USD/CHF pair rose to a 5-year high of 1.0261; its highest since September 2010 after a batch of upbeat US data triggered fresh USD rally.
CHF still overvalued?
SNB’s Jordan was on the wires earlier today once again reiterating that the CHF is overvalued and the loser monetary policy may help cure the problem. However, with USD/CHF at 5-year highs, it appears the currency is at least not overvalued against the USD.
Jordan may be referring CHF overvalued against the EUR. The EUR/CHF trades is still well above the POSt-SNB crash of January.
USD/CHF Technical Levels
At the time of writing, the pair had trimmed gains to trade below 1.0240 (post SNB high) around 1.0235. A break above 1.0240 would open doors for a re-test of 1.0261 (daily high), followed by a move higher to 1.0369 (Dec 2008).
(Market News Provided by FXstreet)