We’be broken the 2013 high at 1.3187 to and are at the highest since December 2011 which was 1.3230 odd.
If we get through that then once again the sky’s the limit as the next major resistance point is the 1.3800 level.
Looking at the weekly chart going back to the start of the falls in 2008, we’ve not even made a dent in retracing back. This has been another safe haven/yield pair and if the unwinding continues then we could have some major major moves on our hands.
Coming in a bit closer we have the 61.8 fib from the Aug 2011/Jun 2012 hi/lo at 1.3242
Below the first line of minor support is now the previous high at 1.3192 with stronger in the 1.3075/85 region, followed by 1.3035.
As with AUD/USD we’re into another “how far can we go” scenario.
