- USD/CHF consolidates Friday’s goodish intraday positive move.
- The prevalent cautious mood seemed to have capped the upside.
The USD/CHF pair was seen oscillating in a narrow trading band below the 0.9700 mark on Monday and consolidated the previous session's goodish positive move.
A combination of supporting factors helped the pair to gain some follow-through positive traction for the second consecutive session on Friday and build on the previous session's modest recovery from multi-month lows.
Bulls seemed reluctant amid cautious mood
The latest optimism over the long-awaited US-China phase one trade deal remained supportive of the recent risk-on rally across the global financial markets and continued weighing on the Swiss franc's perceived safe-haven status.
On the other hand, the US dollar was underpinned by expectations that the US economy will continue to expand and reduced odds of any further interest rate cuts by the Fed, which provided an additional boost to the pair.
The greenback managed to preserve its recent gains to monthly tops, albeit a slightly cautious mood – amid tensions in the Middle East and Libya – kept a lid on any further positive move amid relatively lighter turnover on the back of a holiday in the US.
The US markets will remain closed on Monday in observance of Martin Luther King Day. Hence, the broader market risk sentiment might continue to play a key role in influencing the price action and produce some meaningful trading opportunities.
Technical levels to watch
|Today last price||0.9679|
|Today Daily Change||0.0001|
|Today Daily Change %||0.01|
|Today daily open||0.9678|
|Previous Daily High||0.9697|
|Previous Daily Low||0.9644|
|Previous Weekly High||0.9738|
|Previous Weekly Low||0.9613|
|Previous Monthly High||1.0009|
|Previous Monthly Low||0.9646|
|Daily Fibonacci 38.2%||0.9677|
|Daily Fibonacci 61.8%||0.9664|
|Daily Pivot Point S1||0.9649|
|Daily Pivot Point S2||0.962|
|Daily Pivot Point S3||0.9596|
|Daily Pivot Point R1||0.9702|
|Daily Pivot Point R2||0.9726|
|Daily Pivot Point R3||0.9755|
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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.