FXstreet.com (Barcelona) - The Dollar has extended its rally against the Swissy bringing the pair to trade above the 1.0700 level and post 1.0714 as fresh 1-week high. Since the beginning of the European session, USD/CHF has risen around 130 pips from 1.0582, intra-day low, to break the MA200 level at 1.0675 and post 1-week high.
Valeria Bednarik, FXstreet.com collaborator, comments: USD/CHF regained the upside after forming a triple floor at the 1.0550 area. Quoting around 1.0700, rally also seems overextended, and longing for a downside correction, that could reach the 1.0650 area without harming current trend. Above 1.0730, expect the pair to extend the rally despite over bought conditions.