USDCHF runs to new high and in the process looks to test the high of a swing area

<p>The USDCHF is following the USDs run to the upside in the US session. US yields are helping. The 10-year yield is near 4.15%, up 5.6 basis points. The two-year yield is at 4.406% +3.0 basis points. At 1 PM ET, the U.S. Treasury auctions off $60 billion of 2-year notes. That will be followed by the auction of a five and seven year notes tomorrow and on Thursday.</p><p>The USDCHF price is trading to new session highs and in the process has moved above and away from its 38.2% retracement of the move down from the October high (at 0.86803 – see chart below). The price has entered into a swing area between 0.8711 and 0.8731. Get above that level and it opens a door for the 50% midpoint at 0.8788.</p><p>Buyers in the USDCHF are making the next play. Can they keep the momentum going and get above the high of the swing area at 0.87314 now?</p>

This article was written by Greg Michalowski at www.forexlive.com.