USD/CHF eases from 2-month tops, still comfortable above 0.9800 mark

USD/CHF fails to capitalize on the early uptick to near two-month tops.
A mildly softer tone surrounding the USD seemed to exert some pressure.
The downside remains cushioned amid improving global risk sentiment.

Haresh Menghani FXStreet

The USD/CHF pair failed to capitalize on the early uptick and has now retreated to the lower end of its daily trading range, around the 0.9815 region.

The pair witnessed a modest intraday pullback from near two-month tops and for now, seems to have stalled its recent bullish trajectory witnessed over the past two weeks amid a mildly softer tone surrounding the US dollar.

The downside is likely to remain limited

The greenback remained on the defensive at the start of a new trading week and eased further from 4-1/2 month tops touched ahead of Friday's slight disappointment from the US core retail sales and Retail Sales Control Group figures.

However, a slight improvement in the global risk sentiment – amid easing concerns over the outbreak of the deadly coronavirus – undermined the Swiss franc's perceived safe-haven demand and might help limit any deeper losses.

Given that the US bank will remain closed on Monday in observance of Presidents' Day, investors might refrain from placing any aggressive bets, which might eventually lead to a subdued/range-bound price action on Monday.

Technical levels to watch

USD/CHF

Overview
Today last price	0.9815
Today Daily Change	-0.0004
Today Daily Change %	-0.04
Today daily open	0.9819

Trends
Daily SMA20	0.9724
Daily SMA50	0.9743
Daily SMA100	0.9836
Daily SMA200	0.9864

Levels
Previous Daily High	0.9823
Previous Daily Low	0.9785
Previous Weekly High	0.9823
Previous Weekly Low	0.974
Previous Monthly High	0.9768
Previous Monthly Low	0.9613
Daily Fibonacci 38.2%	0.9808
Daily Fibonacci 61.8%	0.98
Daily Pivot Point S1	0.9795
Daily Pivot Point S2	0.9771
Daily Pivot Point S3	0.9757
Daily Pivot Point R1	0.9833
Daily Pivot Point R2	0.9847
Daily Pivot Point R3	0.9871

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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