Caught between its carry obligations and its correlation to the euro, USDCHF has finally produced a notable upside break. Short-term resistance was read around 1.1160 in a range of highs that lined up with the 50% fib retracement of the European session swing high to today's lows. With 1.1050 holding up to multiple tests, the market has yet another chance to revive the pair's once consistant advance. 1.12 stands as an immediate barrier for bulls, but 1.14 is the true target.
