USD/CHF climbs to weekly tops, around mid-0.9800s amid risk-on mood

Positive trade-related comments helped regain positive traction amid risk-on mood.
Surging US bond yields/US GDP print underpinned the USD and remained supportive.

Haresh Menghani FXStreet

The USD/CHF pair gained some follow-through traction during the early North-American session and is currently placed at fresh weekly tops - around the 0.9840-45 region.

The pair quickly reversed an early dip to the 0.9800 handle and caught some fresh bids in reaction to some positive trade-related comments by the Chinese Commerce Ministry spokesman, showing a willingness to resolve the trade issue via a calm attitude.

Trade optimism/USD strength supportive

The latest optimism triggered a fresh wave of global risk-on trade and was evident from strong up-move across global equities, which dented demand for perceived safe-haven currencies - like the Swiss Franc - and provided a goodish lift to the major.

Improving risk sentiment was further reinforced by a strong rally in the US Treasury bond yields, which coupled with mostly inline US GDP report underpinned the US Dollar demand and remained supportive of the intraday positive momentum.

With Thursday up-move, the pair has now rallied around 130-pips from nearly two-week lows set earlier this week and also recovered last Friday's sharp intraday slide, albeit it remains to be seen if bulls are able to capitalize on the recovery.

Market participants now look forward to Friday's US economic docket, which coupled with the incoming headlines on the US-China trade spat should play a key role in determining the pair's next leg of a directional move.

Technical levels to watch

USD/CHF

Overview
Today last price	0.984
Today Daily Change	0.0024
Today Daily Change %	0.24
Today daily open	0.9816

Trends
Daily SMA20	0.9781
Daily SMA50	0.9824
Daily SMA100	0.9948
Daily SMA200	0.9954

Levels
Previous Daily High	0.9829
Previous Daily Low	0.9801
Previous Weekly High	0.9879
Previous Weekly Low	0.9735
Previous Monthly High	0.9952
Previous Monthly Low	0.978
Daily Fibonacci 38.2%	0.9818
Daily Fibonacci 61.8%	0.9812
Daily Pivot Point S1	0.9802
Daily Pivot Point S2	0.9787
Daily Pivot Point S3	0.9774
Daily Pivot Point R1	0.983
Daily Pivot Point R2	0.9843
Daily Pivot Point R3	0.9858

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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