USD/CHF spikes to session tops, beyond 1.0050 level
| • Improving risk sentiment weighs on CHF’s safe-haven status and helped regain traction.
• The up-move seemed unaffected by a subdued USD price action amid Fed rate cut bets.
The USD/CHF pair continued scaling higher through the early European session on Monday and spiked to fresh session tops, levels beyond mid-1.0000s in the last hour.
Bulls continued showing some resilience near the parity mark, with a slight improvement in the global risk sentiment denting the Swiss Franc's relative safe-haven status and assisting the pair to catch some aggressive bids at the start of a new trading week.
The intraday positive momentum seemed rather unaffected by a mildly weaker tone surrounding the US Dollar, which remained on the defensive amid growing bets for a Fed rate cut following the latest disappointment from the US durable goods orders data.
It, however, remains to be seen if bulls are able to capitalize or the up-move fizzles out at higher levels amid relatively thin liquidity conditions on the back of holidays in the UK/US and concerns over a further escalation in the US-China trade tensions.
Technical levels to watch
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