USD/CHF consolidates daily gains below 0.9900 mark


  • Positive risk sentiment weighs on safe havens on Monday.
  • US Dollar Index edges higher toward the 97.50 handle.
  • The 10-year US Treasury bond yield adds nearly 3.5%.

The USD/CHF pair, which lost more than 80 pips last week, gained traction on Monday as the upbeat market mood made it tough for the CHF to find demand. After reaching a daily high of 0.9890 in the European morning, the pair has gone into a consolidation phase and was last seen trading at 0.9877, up 0.23% on a daily basis.

Focus shifts to US-China trade developments

Several headlines suggesting that the United States and China are closing in on concluding the phase-one of the trade deal provided a boost to the market sentiment at the start of the week. Reflecting the upbeat atmosphere, the 10-year US Treasury bond yield is up 3.4% on a daily basis.

Meanwhile, the US Dollar Index is making a technical correction after closing the previous week in the negative territory pressured by disappointing Purchasing Managers' Index (PMI) data releases and the Federal Reserve's neutral/dovish policy outlook. At the moment, the index is adding 0.25% on the day at 97.37.

During the early trading hours of the Asian session, Caixin Services PMI data from China will be watched closely by the market participants as a stronger-than-expected reading could ease concerns over an economic slowdown in China and allow risk-on flows to continue to dominate the markets.

Technical levels to consider

USD/CHF

Overview
Today last price 0.988
Today Daily Change 0.0023
Today Daily Change % 0.23
Today daily open 0.9857
 
Trends
Daily SMA20 0.9921
Daily SMA50 0.991
Daily SMA100 0.9872
Daily SMA200 0.9955
 
Levels
Previous Daily High 0.9895
Previous Daily Low 0.985
Previous Weekly High 0.997
Previous Weekly Low 0.985
Previous Monthly High 1.0028
Previous Monthly Low 0.9837
Daily Fibonacci 38.2% 0.9867
Daily Fibonacci 61.8% 0.9878
Daily Pivot Point S1 0.984
Daily Pivot Point S2 0.9822
Daily Pivot Point S3 0.9794
Daily Pivot Point R1 0.9885
Daily Pivot Point R2 0.9912
Daily Pivot Point R3 0.993

 

 

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