The dollar is showing strength across the board today with covering of stale short positions the primary driver.

USD/CHF has pushed to a new session high at 0.9860 and more and more that pair looks like it has made a bottom. EUR/CHF is rallying as well on a day where the EUR us generally softer, indicating that it is demand for dollars that is the likely driver, to my mind.

We’re not getting much help from other markets today. Stocks have been trading just below breakeven on the day for most of the session after a lower open and oil has been narrowly range-bound. Gold is not giving us any fresh direction today, trading in a narrow range itself. Firmer US yields are a plus for the greenback today, however.

EUR/USD trades at 1.3857, above earlier lows at 1.3838.