Yields moving higher and stocks recovered too
The USDCHF has seen an up, down and back up again move today.
- The high today stalled ahead of the 100 hour MA and the high correction level from Friday.
- The low today stalled ahead of a swing area (see yellow area) and the low from Friday.
The price has moved back to the 200 hour MA at 0.9950. If you go back to September 26, 27, and 30 and there were some swing levels (see green numbered circles). The level needs to be broken to give buyers more upside potential.
Helping the rebound is that US yields are higher and stocks have erased earlier declines. The CHF can be a safe haven on stock declines but today is not one of those days after earlier losses. Higher yields tend to help the USD (typically but not always).
Two year yields are up 5.2 bps. 10 year yields are up 1.8 bps.
The S&P is at 2951 (high reached 2955.80). The low was down at 2935.68.