It’s been a big 24-hours for the greenback which saw the US dollar index break to a near-2 year high. Whilst EUR/USD will likely temp bears below 1.1180 and AUD/USD appears ready to crack 70c, it was USD/CHF which led the stampede by several days. And, with it having the best trend structure and least obscured view among FX majors, CHF is our favourite pair to trade USD strength. That said, a little mean reversion wouldn’t hurt and we see potential signs of exhaustion over the near-term. Yesterday’s Rikshaw man Doji traded beyond the upper Keltner band, and prices have retreated since testing the upper weekly Keltner band.
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