USDCHF trades at the highest level since September 2010

Takes out the highs set just before the SNB depeg

The USDCHF has taken out the highs for the year and the high price set before the SNB surprised the market by pulling the rug under the 1.2000 EURCHF peg. The pair is now trading at the highest level since September 2010.

The EURCHF is a bit of a different story. That pair is well above the lows set after the tumble back in January but at 1.0832, it is also well below the 1.2000 level that the SNB once defined as floor level. SNB officials still think the CHF is largely overvalued, but with ECB set to add more QE, and that pushing down the EURUSD but the EURCHF being sold, the escape valve is for the USDCHF to move higher.