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USD/CHF breaks the boundaries

FXStreet (Moscow) - USD/CHF opened the day at 0.9316, reached 0.9334 high in Asia, and retreated to current levels at 0.9320.

New highs ahead

The pair is trading around yearly highs, and doesn’t show any attempts to retreat after an impressive 150-pip rally seen yesterday. The ECB dovish stance, and weakness of the euro is a serious problem for the SNB, as EUR/CHF is already trading in close vicinity to the bank’s peg. The just released SNB forex reserves data came out below expectations in August (CHF453.8 bln vs 455.8 bln), but the situation may change a lot next month, as there are chances the regulator may step into the market in case of further euro weakness. Coupled with stronger US data it may help the pair to head to July, 2013 highs soon.

What are today’s key USD/CHF levels?

Today's central pivot point can be found at 0.9274 with support below at 0.9219, 0.9118 and 0.9063, with resistance above at 0.9375, 0.9430, and 0.9531. Hourly Moving Averages are largely bullish, with the 200SMA at 0.9186 and the daily 20EMA bullish at 0.9147. Hourly RSI is bullish at 73.

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