USD/CHF extends rally to 0.9975, highest since mid-October

Swiss Franc amid the worst performers on Thursday amid positive trade headlines.
US dollar rises supported by higher US yields; Wall Street hits a new record.

Matías Salord FXStreet

The USD/CHF pair broke to the upside after trading sideways around 0.9925 for hours. It climbed to 0.9975, reaching a three-week high. Near the end of the session, it is consolidating gains, holding above relevant short-term technical levels.

Equity prices are higher in Wall Street amid reports that the US and China have agreed to rescind some existing tariffs on a “phase one” deal. It has not yet been finalized, but all suggest they are getting closer.

US yields have been rising all day. The 10-year rose to 1.96%, highest since early August; a week ago was under 1.70%. The dramatic move in yields offered support to the US dollar and reflected less demand for safe-haven assets like the Swiss Franc.

From a technical perspective, the pair broke above a downtrend line and is hovering around the 0.9960/65 horizontal resistance. A consolidation on top would point to further gains toward the next resistance at 0.9995. On the flip side, if the pair fails at 0.9960 the bullish pressure would ease, the next support is at 0.9940.

USD/CHF

Overview
Today last price	0.997
Today Daily Change	0.0047
Today Daily Change %	0.47
Today daily open	0.9923

Trends
Daily SMA20	0.9916
Daily SMA50	0.9916
Daily SMA100	0.987
Daily SMA200	0.9955

Levels
Previous Daily High	0.9941
Previous Daily Low	0.9915
Previous Weekly High	0.997
Previous Weekly Low	0.985
Previous Monthly High	1.0028
Previous Monthly Low	0.9837
Daily Fibonacci 38.2%	0.9925
Daily Fibonacci 61.8%	0.9931
Daily Pivot Point S1	0.9912
Daily Pivot Point S2	0.99
Daily Pivot Point S3	0.9886
Daily Pivot Point R1	0.9938
Daily Pivot Point R2	0.9952
Daily Pivot Point R3	0.9964

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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