USD/CHF climbs to 4-week tops, eyeing a move beyond 0.9900 handle

US-China trade optimism seemed to weigh on traditional safe-haven currencies.
The USD remained well supported by a follow-through uptick in the US bond yields.
Traders now look forward to the US economic data for some short-term impetus.

Haresh Menghani FXStreet

The USD/CHF pair climbed to the 0.9900 neighbourhood, or four-week tops in the last hour, albeit quickly retreated few pips thereafter.

The pair extended this week's solid bounce from the vicinity of the 0.9700 handle - testing at the start of the current trading week - and remained well supported by the latest US-China trade optimism, which seemed to undermine the Swiss Franc's perceived safe-haven demand.

Risk-on mood/USD strength remains supportive

The pair's ongoing positive momentum - summing up to nearly 200-pips over the past five trading sessions - was further supported by a follow-through US Dollar buying interest through the early European session on Friday amid recovering US Treasury bond yields.

Moving ahead, Friday's US economic docket - highlighting the releases of personal spending data and July core PCE price Index - might influence the USD price dynamics and contribute towards producing some short-term trading opportunities on the last day of the week.

Technical levels to watch

USD/CHF

Overview
Today last price	0.9883
Today Daily Change	0.0017
Today Daily Change %	0.17
Today daily open	0.9866

Trends
Daily SMA20	0.9779
Daily SMA50	0.9825
Daily SMA100	0.9946
Daily SMA200	0.9953

Levels
Previous Daily High	0.9877
Previous Daily Low	0.98
Previous Weekly High	0.9879
Previous Weekly Low	0.9735
Previous Monthly High	0.9952
Previous Monthly Low	0.978
Daily Fibonacci 38.2%	0.9848
Daily Fibonacci 61.8%	0.9829
Daily Pivot Point S1	0.9818
Daily Pivot Point S2	0.977
Daily Pivot Point S3	0.9741
Daily Pivot Point R1	0.9895
Daily Pivot Point R2	0.9925
Daily Pivot Point R3	0.9973

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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