USD/CHF eases from multi-week tops, flat-lined below 0.9800 mark

USD/CHF failed to capitalize on the early uptick to seven-week tops.
Bulls seemed rather unimpressed by the prevailing risk-on mood.
Sustained USD buying also did little to provide any meaningful boost.

Haresh Menghani FXStreet

The USD/CHF pair failed to capitalize on its early uptick to seven-week tops and is currently placed in the neutral territory, around the 0.9775 region.

Despite the prevailing risk-on mood, which tends to undermine demand for perceived safe-haven currencies like the Swiss franc, the pair struggled to gain any meaningful traction. The pair was seen consolidating its recent strong gains and remained confined in a narrow trading band for the second consecutive session on Tuesday.

Traders refrained from placing fresh bets

Bullish traders seemed rather unimpressed by some follow-through buying interest surrounding the US dollar, which got an additional boost from a goodish intraday pickup in the US Treasury bond yields. Investors now seemed to prefer to wait on the sidelines ahead of the Fed Chair Jerome Powell's semiannual testimony before the Congress.

Powell comments will be closely scrutinized for fresh clues about the Fed's near-term monetary policy outlook. This will eventually play a key role in influencing the near-term USD price dynamics and help determine the pair's next leg of a directional move.

Technical levels to watch

USD/CHF

Overview
Today last price	0.9774
Today Daily Change	0.0002
Today Daily Change %	0.02
Today daily open	0.9772

Trends
Daily SMA20	0.9698
Daily SMA50	0.975
Daily SMA100	0.984
Daily SMA200	0.9872

Levels
Previous Daily High	0.9785
Previous Daily Low	0.9763
Previous Weekly High	0.9782
Previous Weekly Low	0.9629
Previous Monthly High	0.9768
Previous Monthly Low	0.9613
Daily Fibonacci 38.2%	0.9777
Daily Fibonacci 61.8%	0.9771
Daily Pivot Point S1	0.9762
Daily Pivot Point S2	0.9751
Daily Pivot Point S3	0.974
Daily Pivot Point R1	0.9784
Daily Pivot Point R2	0.9795
Daily Pivot Point R3	0.9806

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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