• USD/CHF edged higher for the sixth consecutive session amid recovering global risk sentiment.
  • Surging US bond yields underpinned the USD demand and remained supportive of the move up.
  • Bulls now seemed to wait for a fresh catalyst and a sustained move beyond the 200-day SMA.

The USD/CHF pair was seen oscillating in a narrow trading band below the 0.9800 round-figure mark through the early European session on Monday.

Following last week's strong positive move of nearly 300 pips, the pair now seems to have entered a bullish consolidation phase and remained well within the striking distance of near two-week tops set on Friday.

The pair traded with a mild positive bias for the sixth consecutive session on Monday and the uptick was sponsored by a combination of supporting factors, including a solid recovery in the global risk sentiment.

a slowdown in the number of deaths from COVID-19 offered a sigh of relief to the traders and the same was evident from strong gains in the US equity futures, which undermined the Swiss franc's safe-haven demand.

The risk-on mood was further reinforced by a goodish pickup in the US Treasury bond yields, which extended some support to the US dollar and further contributed to the pair's intraday positive move.

Meanwhile, persistent worries over the economic fallout from the coronavirus pandemic might continue to boot the greenback's status as the global reserve currency and support prospects for additional gains.

Bulls, however, seemed reluctant, rather preferred to wait for a fresh catalyst before positioning for the pair's next leg of an appreciating move amid absent relevant market moving economic releases.

Hence, it will be prudent to wait for some strong follow-through buying, possibly beyond the very important 200-day SMA hurdle near the 0.9810 region, to confirm the near-term bullish outlook.

Technical levels to watch

USD/CHF

Overview
Today last price 0.9773
Today Daily Change 0.0005
Today Daily Change % 0.05
Today daily open 0.9768
 
Trends
Daily SMA20 0.962
Daily SMA50 0.9675
Daily SMA100 0.9739
Daily SMA200 0.981
 
Levels
Previous Daily High 0.9796
Previous Daily Low 0.973
Previous Weekly High 0.9796
Previous Weekly Low 0.9502
Previous Monthly High 0.9902
Previous Monthly Low 0.9183
Daily Fibonacci 38.2% 0.9771
Daily Fibonacci 61.8% 0.9755
Daily Pivot Point S1 0.9734
Daily Pivot Point S2 0.9699
Daily Pivot Point S3 0.9668
Daily Pivot Point R1 0.98
Daily Pivot Point R2 0.9831
Daily Pivot Point R3 0.9865

 

 

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD edges lower toward 1.0100 after dismal EU sentiment data

EUR/USD edges lower toward 1.0100 after dismal EU sentiment data

EUR/USD has extended its daily slide below 1.0150 after the data from Germany and the EU showed that the Economic Sentiment Index component of the ZEW Survey continued to decline in August. Investors await July housing data from the US.

EUR/USD News

GBP/USD extends slide toward 1.2000 after UK data

GBP/USD extends slide toward 1.2000 after UK data

GBP/USD came under renewed bearish pressure in the early European session amid risk aversion on Tuesday and declined toward 1.2000 before staging a modest rebound. The data from the UK showed that the ILO Unemployment Rate remained unchanged at 3.8% in June.

GBP/USD News

Gold struggles to recover above $1,780

Gold struggles to recover above $1,780

Following a consolidation phase above $1,780 in the Asian session, gold lost its traction and declined toward $1,775. The benchmark 10-year US Treasury bond yield holds in positive territory near 2.8%, making it difficult for XAU/USD to gather recovery momentum.

Gold News

Bitcoin price all but confirms a bearish breakout amid opposing on-chain metrics

Bitcoin price all but confirms a bearish breakout amid opposing on-chain metrics

Bitcoin price shows a confluence of bearish developments that suggests an incoming downtrend. This development could halt the bullish outlook seen in Ethereum and other related altcoins. Bitcoin price is in a classic Wyckoff Distribution Phase.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Forex MAJORS

Cryptocurrencies

Signatures