The dollar is now accelerating its upside momentum vs. the Swiss currency, taking USD/CHF to fresh tops near 1.0180.
Spot is gaining further altitude as market participants keep unwinding positions in safe haven currencies such as the Swiss franc and the Japanese yen, all against a backdrop of increasing risk appetite bolstered by a strong recovery in crude oil prices.
Data wise in the US docket, home prices tracked by the S&P/Case-Shiller index have gained 5.8% on a year to November, bettering initial forecasts, while Markit’s Services PMI has come in on the soft side and CB’s Consumer Confidence is up next.
The pair is now advancing 0.47% at 1.0175 and a breakout of 1.0206 (23.6% Fibo of 1.0335-0.9784) would expose 1.0260 (high Nov.26) and then 1.0335 (high Nov.26). On the other hand, the next support lies at 1.0053.