• USD/CHF turned positive for the second straight day amid renewed USD buying interest.
  • The Russia-Ukraine war benefitted the greenback’s status as the global reserve currency.
  • Friday’s US macro releases might do little to influence or provide any impetus to the pair.

The USD/CHF pair held on to its modest intraday gains through the mid-European session and was last seen trading near the daily high, around the 0.9260 region.

Following the overnight pullback from the two-week high, the USD/CHF pair attracted fresh buying near the 0.9240-0.9235 region on Friday and was supported by reviving US dollar demand. The market sentiment remains jittery amid worries about the worsening situation in Ukraine. This, in turn, continued benefitting the greenback's status as the global reserve currency and acted as a tailwind for the major.

In the latest development, Ukrainian media reported Russian forces have entered the Obolon district, which is approximately 10 km from Kyiv - the capital city. Adding to this, gunfire was heard in Kyiv’s historic city centre. There were also mentions of Russian air missiles being spotted in the north of Kyiv. This, along with calls to disconnect Russia from the so-called SWIFT global payment system, kept investors on the edge.

This was seen as a key factor that pushed the USD/CHF pair into the positive territory for the second successive day - also the third in the previous four. Despite the intraday positive move of nearly 40 pips, spot prices remain well below the overnight swing high, warranting some caution before placing aggressive bullish bets. Nevertheless, the incoming geopolitical headlines will continue to play a key role in driving the pair.

Friday's economic docket highlights the release of the Fed's preferred inflation gauge - the Core PCE Price Index - and Durable Goods Orders, due during the early North American session. The data, however, might do little to influence the USD price dynamics or provide any meaningful impetus to the USD/CHF pair. Hence, the market focus will remain glued to fresh developments surrounding the Russia-Ukraine saga.

Technical levels to watch

USD/CHF

Overview
Today last price 0.9265
Today Daily Change 0.0014
Today Daily Change % 0.15
Today daily open 0.9251
 
Trends
Daily SMA20 0.9232
Daily SMA50 0.9203
Daily SMA100 0.9211
Daily SMA200 0.9181
 
Levels
Previous Daily High 0.9289
Previous Daily Low 0.9172
Previous Weekly High 0.9274
Previous Weekly Low 0.9188
Previous Monthly High 0.9343
Previous Monthly Low 0.9092
Daily Fibonacci 38.2% 0.9244
Daily Fibonacci 61.8% 0.9217
Daily Pivot Point S1 0.9186
Daily Pivot Point S2 0.9121
Daily Pivot Point S3 0.907
Daily Pivot Point R1 0.9303
Daily Pivot Point R2 0.9354
Daily Pivot Point R3 0.9419

 

 

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