- 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
|Today last price||0.988|
|Today Daily Change||0.0023|
|Today Daily Change %||0.23|
|Today daily open||0.9857|
|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|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.