USD/CHF climbs further beyond mid-0.9800s, 3-week tops

  • Rising US bond yields underpinned the USD and helped gain follow-through traction.
  • The prevalent risk-on mood dented CHF’s safe-haven demand and remained supportive.
  • Friday’s key focus will remain on Powell’s scheduled speech at Jackson Hole Symposium.

The USD/CHF pair continued scaling higher through the early European session on Friday and climbed further beyond mid-0.9800s, hitting three-week tops in the last hour.
A combination of supporting factors assisted the pair to build on its recent recovery from yearly lows and gain a follow-through positive traction for the third consecutive session on Friday - also marking the sixth day of a positive move in the previous seven.

Risk-on mood/stronger USD remained supportive

The prevalent risk-on mood - as depicted by a positive mood across global equity markets - was seen denting demand for traditional safe-haven currencies - including the Swiss Franc - and continued fueling the ongoing positive momentum around the major.
Improving risk sentiment was further reinforced by a goodish pickup in the US Treasury bond yields, which helped the US Dollar to catch some fresh bid and further collaborated to the pair's up-move to the 0.9870 region ahead of Friday's key event risk.
The Fed Chair Jerome Powell is scheduled to speak at Jackson Hole Symposium and his comments will be closely scrutinized for clues about the US central bank's near-term policy outlook, which might help determine the pair's next leg of a directional move.
Given that another rate cut in the September meeting is fully priced in, should Powell refrain from signalling aggressive policy easing, the USD is more likely to build on its recent strength and pave the way for an extension of the pair's recent bullish trajectory.

Technical levels to watch


Today last price 0.9866
Today Daily Change 0.0029
Today Daily Change % 0.29
Today daily open 0.9837
Daily SMA20 0.9807
Daily SMA50 0.9839
Daily SMA100 0.9956
Daily SMA200 0.9957
Previous Daily High 0.9845
Previous Daily Low 0.9813
Previous Weekly High 0.981
Previous Weekly Low 0.9659
Previous Monthly High 0.9952
Previous Monthly Low 0.978
Daily Fibonacci 38.2% 0.9833
Daily Fibonacci 61.8% 0.9825
Daily Pivot Point S1 0.9818
Daily Pivot Point S2 0.98
Daily Pivot Point S3 0.9786
Daily Pivot Point R1 0.985
Daily Pivot Point R2 0.9864
Daily Pivot Point R3 0.9882



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