USD/CHF clings to gains near multi-year tops, comfortably above 1.0200 mark

Haresh Menghani FXStreet

The USD/CHF pair continued scaling higher through the early North-American session and is currently placed comfortably above the 1.0200 handle, the highest since Jan. 017.

The pair caught some aggressive bids on Tuesday and built on this month's strong rally of over 2.0%. The strong intraday positive move comes amid the lack of safe-haven demand and resurgent US Dollar demand.

The incoming positive economic data from the US and China helped ease concerns over slowing global economic growth and pressurized traditional safe-haven currencies, including the Swiss Franc.

This coupled with a goodish pickup in the USD demand, further supported by an unexpected jump in new home sales, provided an additional boost and remained supportive of the ongoing strong positive move.

Adding to this, possibilities of some aggressive technical stops being triggered on a sustained move beyond the 1.0155-60 horizontal zone further aggravated the strong intraday bullish momentum to the highest level since Jan. 2017.

It would now be interesting to see if bulls maintain their dominant position or opt to take some profits off the table amid highly overbought conditions and ahead of this week's important US macro data.

Technical levels to watch

USD/CHF

Overview
Today last price	1.0217
Today Daily Change	0.0060
Today Daily Change %	0.59
Today daily open	1.0157

Trends
Daily SMA20	1.0025
Daily SMA50	1.0022
Daily SMA100	0.997
Daily SMA200	0.993

Levels
Previous Daily High	1.0162
Previous Daily Low	1.0137
Previous Weekly High	1.0161
Previous Weekly Low	1.0009
Previous Monthly High	1.0125
Previous Monthly Low	0.9894
Daily Fibonacci 38.2%	1.0152
Daily Fibonacci 61.8%	1.0147
Daily Pivot Point S1	1.0142
Daily Pivot Point S2	1.0127
Daily Pivot Point S3	1.0117
Daily Pivot Point R1	1.0167
Daily Pivot Point R2	1.0177
Daily Pivot Point R3	1.0192

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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