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USDCHF eye 6.54

USD

USD continues to trade on the front foot, although still mixed in G10s.

  • USDCNH takes a leg higher and target 6.5400 next.
  • USDCHF has now recovered the 20 pips dip, post the SNB decision.
  • The March peak and highest level since 21/07/2020. At 0.9376 has held so far today, traded 0.9376 high and forming a March double top.
  • A clear break will open to 0.9415.
  • EURUSD is still hovering close to the 1.1800 figure, and does look vulnerable on the chart.
  • Regardless, risk events will be the short term driver (Vaccines)
  • So far desk only note limited demand around 1.1800.
  • Instead, some market participants will eye the large option expiry at 1.1800, with 1.56bn (at 14.00GMT/10.00ET), mostly puts
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