The rally in the Dollar has continued intraday with USD/CHF offering little resistance in the wake of the latest wave of buying. Spot has finally broken above the late European high at 1.2678 and offers into the 1.2680's are now being absorbed as bulls eye an extension of the appreciation towards the key 1.2700 level.
Above 1.2709 stands as the daily high from Thursday and a run to this level will wipe the Dollar losses from late last week from the charts.
Swiss weakness is clearly the most pronounced of the European currencies on the day with even the Euro looking slightly more resilient now. As a result the cross rally has now begun once more with offers in EUR/CHF into 1.5915/20 being tested/absorbed.
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