USD/CHF advances to multi-week highs above 0.99

Broad-based USD strength int he early NA session boosts the pair.
US T-bond yields extend gains to support the greenback.
Wall Street turns positive after starting the day in the red.

Eren Sengezer FXStreet

The USD/CHF broke out of its tight consolidation channel in the early NA session and advanced to its highest level since December 27 at 0.9942, As of writing, the pair was trading a couple of pips below that level, adding 0.35% on a daily basis.

A fresh USD buying wave in the last hour seems to be behind the pair's recent upsurge. After staying quiet near the 96 mark for the majority of the day, the US Dollar Index, which tracks the greenback against a basket of six major currencies, rose to a session high of 96.24 supported by the upbeat data and a modest increase in the US 10-year T-bond yields. At the moment, the DXY is up 0.08% on the day at 96.15.

Earlier in the session, the U.S. Bureau of Labor Statistics reported that weekly jobless claims edged down to 213K in the week ending January 11 and the Philly Fed Manufacturing Survey's Business Conditions Index climbed to 17 in January from 9.1 in December to beat the market expectation of 10.

On the other hand, after starting the day modestly lower, major equity indexes in the U.S. turned flat in the last hour to show that investors are not necessarily fleeing to safer assets and put the CHF under pressure.

Key technical levels

USD/CHF

Overview:
    Today Last Price: 0.994
    Today Daily change: 34 pips
    Today Daily change %: 0.353%
    Today Daily Open: 0.9905
Trends:
    Daily SMA20: 0.9858
    Daily SMA50: 0.9929
    Daily SMA100: 0.9883
    Daily SMA200: 0.9893
Levels:
    Previous Daily High: 0.9911
    Previous Daily Low: 0.9872
    Previous Weekly High: 0.9876
    Previous Weekly Low: 0.9716
    Previous Monthly High: 1.0009
    Previous Monthly Low: 0.979
    Daily Fibonacci 38.2%: 0.9896
    Daily Fibonacci 61.8%: 0.9887
    Daily Pivot Point S1: 0.9881
    Daily Pivot Point S2: 0.9857
    Daily Pivot Point S3: 0.9842
    Daily Pivot Point R1: 0.992
    Daily Pivot Point R2: 0.9935
    Daily Pivot Point R3: 0.9959

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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