USD/CHF clings to modest recovery gains, around 0.9560-65 region

USD/CHF once again managed to find some support near the 0.9500 mark.
A goodish pickup in the USD demand helped regain some positive traction.
Fading safe-haven demand weighed on the CHF and remained supportive.

Haresh Menghani FXStreet

The USD/CHF pair rallied around 60-65 pips from the Asian session lows and is currently placed near the top end of its daily trading range, around the 0.9565-70 region.

The pair once again managed to find some support near the key 0.9500 psychological mark and turned higher for the day, snapping four consecutive days of losing streak amid a goodish pickup in the US dollar demand.

The greenback stalled its week-long downward trajectory, triggered by the Fed's unlimited QE, and was being supported by the latest optimism over the passage of a massive $2.2 trillion US economic stimulus package.

This coupled with a mildly positive tone around the US equity futures undermined demand for traditional safe-haven currencies, including the Swiss franc, and remained supportive of the pair's positive move on the first day of the week.

It, however, remains to be seen if the pair is able to capitalize on the move or runs into some fresh supply at higher levels amid mounting fears over the economic fallout from the coronavirus pandemic and lockdowns across the world.

Technical levels to watch

USD/CHF

Overview
Today last price	0.9563
Today Daily Change	0.0061
Today Daily Change %	0.64
Today daily open	0.9502

Trends
Daily SMA20	0.9582
Daily SMA50	0.9677
Daily SMA100	0.975
Daily SMA200	0.9812

Levels
Previous Daily High	0.9656
Previous Daily Low	0.9502
Previous Weekly High	0.9902
Previous Weekly Low	0.9502
Previous Monthly High	0.9851
Previous Monthly Low	0.9609
Daily Fibonacci 38.2%	0.9561
Daily Fibonacci 61.8%	0.9597
Daily Pivot Point S1	0.9451
Daily Pivot Point S2	0.94
Daily Pivot Point S3	0.9297
Daily Pivot Point R1	0.9604
Daily Pivot Point R2	0.9707
Daily Pivot Point R3	0.9758

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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