USD/CHF climbs further beyond mid-0.9600s, back closer to multi-day tops set on Tuesday

USD/CHF regains positive traction on Wednesday amid resurgent USD demand.
The up-move seemed unaffected by a fresh wave of the global risk-aversion trade.

Haresh Menghani FXStreet

The buying interest around the greenback picked up pace in the last hour and lifted the USD/CHF pair to daily tops, around the 0.9665-70 region.

The pair caught some fresh bids on Wednesday and moved back closer to the overnight swing high, touched ahead of the Fed's latest move to allow foreign central banks to temporarily exchange their holdings of the US Treasuries for dollar loans.

Following the previous session's intraday pullback, the US dollar regained positive traction amid persistent worries over the economic fallout from the coronavirus pandemic and turned out to be one of the key factors that provided a goodish lift to the major.

Meanwhile, mounting fears about an imminent global recession triggered a fresh wave of the global risk-aversion trade, which tends to underpin the Swiss franc's safe-haven demand, albeit did little to hinder the pair's intraday positive momentum.

With the USD price dynamics turning out to be an exclusive driver of the pair's momentum through the early European session, market participants now look forward to the release of the US ISM Manufacturing PMI for a fresh trading impetus.

Technical levels to watch

USD/CHF

Overview
Today last price	0.967
Today Daily Change	0.0059
Today Daily Change %	0.61
Today daily open	0.9611

Trends
Daily SMA20	0.9583
Daily SMA50	0.9674
Daily SMA100	0.9744
Daily SMA200	0.9811

Levels
Previous Daily High	0.9686
Previous Daily Low	0.9581
Previous Weekly High	0.9902
Previous Weekly Low	0.9502
Previous Monthly High	0.9902
Previous Monthly Low	0.9183
Daily Fibonacci 38.2%	0.9646
Daily Fibonacci 61.8%	0.9621
Daily Pivot Point S1	0.9566
Daily Pivot Point S2	0.9521
Daily Pivot Point S3	0.9461
Daily Pivot Point R1	0.9671
Daily Pivot Point R2	0.9731
Daily Pivot Point R3	0.9777

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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