USD/CHF advances to 0.9720 on broad USD strength, recovering sentiment


  • 10-year US Treasury bond yield erased early losses.
  • Wall Street's main indexes look to open decisively higher.
  • US Dollar Index climbs to fresh multi-week highs above 98.

The USD/CHF dropped to 0.9680 area during the European trading hours but staged a rebound ahead of the American session and was last seen trading at 0.9720, adding 0.26% on a daily basis. Recovering market sentiment and the broad-based USD strength seems to be helping the pair gain traction.

Reports suggesting that the coronavirus outbreak could reach its peak in the next seven to ten days seem to be helping the market mood to turn positive with the 10-year US Treasury bond yield erasing its losses and rising nearly 1% at the time of writing. Furthermore, the S&P 500 futures are up nearly 0.6% to suggest that Wall Street's main indexes are likely to start the day sharply higher.

US Dollar Index rises above 98

Meanwhile, the US Dollar Index is posting gains for the fourth straight day on Tuesday and is above the 98 mark for the first time since early December to help the pair preserve its bullish momentum.

The Durable Goods Orders data, which is expected to show an increase of 0.5% in December following November's 2.1% drop, and the Conference Board's Consumer Confidence Index will be looked upon for fresh catalysts. Participants will be paying close attention to Wall Street's performance as well.

Technical levels to watch for

USD/CHF

Overview
Today last price 0.9719
Today Daily Change 0.0024
Today Daily Change % 0.25
Today daily open 0.9695
 
Trends
Daily SMA20 0.9694
Daily SMA50 0.9798
Daily SMA100 0.9861
Daily SMA200 0.9896
 
Levels
Previous Daily High 0.972
Previous Daily Low 0.9681
Previous Weekly High 0.973
Previous Weekly Low 0.9661
Previous Monthly High 1.0009
Previous Monthly Low 0.9646
Daily Fibonacci 38.2% 0.9696
Daily Fibonacci 61.8% 0.9705
Daily Pivot Point S1 0.9677
Daily Pivot Point S2 0.966
Daily Pivot Point S3 0.9638
Daily Pivot Point R1 0.9716
Daily Pivot Point R2 0.9738
Daily Pivot Point R3 0.9755

 

 

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