The USDCHF moves toward the end of May swing high at 0.9165

<p>The USDCHF is pushing higher as yields move higher in the US. Recall from last week as well, that the Swiss National Bank Rates are unchanged. The market was expecting a 25 basis point hike. </p><p>Meanwhile, the US Rates were unchanged as well, but the Fed did keep one additional hike in 2023 in play. They also raised the expectations for the end-of-year Fed funds rate to 5.1% from 4.6% in June.</p><p>The USDCHF was now up 9 of the last 10 trading days.</p><p>Technically the price is moving toward the May 31 high at 0.9146. The high price is 0.91345. </p><p>Getting above that high would open the door for further upside momentum with the 38.2% retracement of the move down from the November 3, 2022 high at 0.91615 as the next key target. Traders want to see the price move above the 38.2% retracement of a trend move (see the video for a further discussion of that dynamic).</p><p>In the short and medium-term with the price moving up 9 the last 10 trading days, the buyers are in control.</p>

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