USD/CHF advances beyond 0.9700, erases Monday's losses


  • Major European stocks rebound following Monday's sharp drop.
  • US Dollar Index clings to daily gains near 96.80.
  • ISM Non-Manufacturing PMI and Factory Orders data from US coming up next.

The USD/CHF pair broke above the 0.9700 handle supported the broad-based USD strength. As of writing, the pair was up 0.35% on a daily basis at 0.9715.

After closing the first day of the week in the negative territory, the US Dollar Index started to recover its losses as the selling pressure surrounding the EUR helped the greenback find demand. As of writing, the index is up 0.18% on the day at 96.70.

During the American session on Tuesday, the Institue for Supply Management (ISM) will publish its Non-Manufacturing PMI. Furthermore, Factory Orders and Trade Balance data from the US will be released as well. 

Risk appetite returns on Tuesday

In the meantime, improving risk sentiment seems to be making it difficult for the safe-haven CHF to show resilience against its rivals. Despite heightened concerns over Iran retaliating against US, major European equity indexes are registering decisive gains on Tuesday.

At the moment, Germany's DAX is up 1.15% on the day and the Euro Stoxx 50 is adding 0.68%. Moreover, the S&P 500 futures are up 0.15% to suggest that Wall Street is likely to open the day in the positive territory. On the other hand, in case risk-off flows start to dominate the markets, the pair could reverse its direction and slide below 0.9700. 

Technical levels to watch for

USD/CHF

Overview
Today last price 0.9709
Today Daily Change 0.0022
Today Daily Change % 0.23
Today daily open 0.9687
 
Trends
Daily SMA20 0.9777
Daily SMA50 0.9863
Daily SMA100 0.9883
Daily SMA200 0.9922
 
Levels
Previous Daily High 0.9717
Previous Daily Low 0.9676
Previous Weekly High 0.9757
Previous Weekly Low 0.9646
Previous Monthly High 1.0009
Previous Monthly Low 0.9646
Daily Fibonacci 38.2% 0.9692
Daily Fibonacci 61.8% 0.9701
Daily Pivot Point S1 0.967
Daily Pivot Point S2 0.9652
Daily Pivot Point S3 0.9629
Daily Pivot Point R1 0.9711
Daily Pivot Point R2 0.9734
Daily Pivot Point R3 0.9752

 

 

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