USDCHF currency pair recently broke the resistance level 0.8875 (which has been reversing the price from February), intersecting with the 61.8% Fibonacci correction of the downward impulse from October.
The USD/CHF slipped through the 0.8600 handle on Thursday as broader markets push over the US Dollar (USD), bolstering all other major currencies across the board and lifting the Swiss Franc into a new twenty-week high against the Greenback.
Commodity currencies were the biggest winners last week as the global tightening cycle draw closer to a prolonged pause. There was some optimism that China's economy is moving past the worst with improving economic data. The change in sentiment also lift oil prices, which was already lifted by tight supply outlook, and feed back into the currency markets.
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