USD/CHF Surges to Multi-Week High on US Resilience, Swiss Deflation

USD/CHF has rallied to a multi-week high, breaking above its 50-day moving average with resistance at 0.9100-0.9200, fueled by resilient US data, higher yields, and persistent Swiss deflation at -0.3% y/y. The pair consolidated near 0.7760 below 0.7800 resistance on May 13 amid SNB intervention warnings, before surging to a session high of 0.8920 on May 14 on strong US durable goods, two-year high consumer confidence, US yields at 4.50%, and hawkish Fed comments from Waller and Barkin. Risk aversion from weak China data and trade tensions extended gains on May 15, widening SNB-Fed policy divergence.