USD/CHF bounced sharply from December 2008 lows (when the Fed announced quantitative ease) earlier this morning amid talk that the SNB played a hand in the rebound. The nearly 100 point rally did not last long and now we are dipping again. Momentum players will likely jump on the dollar if 1.0367 gives way.
It is worth noting that the December high in EUR/USD is still a ways away at at 1.4720. This morning’s price action suggests that it will not be a one-way street higher in EUR/USD.
