USD/CHF hits fresh multi-week tops, eyeing a move beyond 200-DMA

Remains well bid for the second consecutive session, despite a subdued USD demand.
Initial signs of stability weighed on the CHF’s safe-haven status and remained supportive.

Haresh Menghani FXStreet

The USD/CHF pair refreshed multi-week tops, around the 0.9855 region in the last hour, albeit seemed struggling to extend the momentum further beyond the very important 200-day SMA.

The pair gained some positive traction for the second consecutive session on Tuesday and built on the overnight goodish intraday up-move of around 75 pips from the weekly bearish gap, triggered by the weekend drone attacks on two major Saudi Arabian oil installations.

Bulls shrug off a subdued USD price action

Resurgent US Dollar demand was seen as one of the key factors behind the previous session's recovery move. With the lacking any strong follow-through on Tuesday, signs of stability in the global financial markets weighed on the Swiss Franc's safe-haven status and remained supportive.

It will now be interesting to see if the pair is able to capitalize on the bullish move or runs out of the steam at higher levels amid absent relevant market moving economic releases from the US and ahead of the highly anticipated FOMC monetary policy meeting, starting this Tuesday.

From a technical perspective, any subsequent buying interest has the potential to lift the pair further towards testing a resistance marked by the top end of a one-month-old ascending trend-channel, currently near the parity mark.

Technical levels to watch

USD/CHF

Overview
Today last price	0.9951
Today Daily Change	0.0022
Today Daily Change %	0.22
Today daily open	0.9929

Trends
Daily SMA20	0.9859
Daily SMA50	0.9842
Daily SMA100	0.9916
Daily SMA200	0.995

Levels
Previous Daily High	0.994
Previous Daily Low	0.9864
Previous Weekly High	0.9947
Previous Weekly Low	0.9854
Previous Monthly High	0.9976
Previous Monthly Low	0.9659
Daily Fibonacci 38.2%	0.9911
Daily Fibonacci 61.8%	0.9893
Daily Pivot Point S1	0.9882
Daily Pivot Point S2	0.9835
Daily Pivot Point S3	0.9806
Daily Pivot Point R1	0.9958
Daily Pivot Point R2	0.9987
Daily Pivot Point R3	1.0034

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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