USDCHF is certainly the pair to watch in coming days after SNB surprised the market by announcing a negative 25 bp rate on sight deposits and lower the 3-month Libor range to -0.75% to 0.25% effective 22nd January 2015.

The pair broke out previous daily high at 0.9818 and hit 0.9850 level where we saw profit taking and some sellers stepped in. I am expecting this pair to reach parity in coming days as both fundamental and technical scenario suggest a bullish move.

Should the pair retrace down 0.9660, it would be ideal level to buy USDCHF at discounted price with take profit target of 1.00.

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