USD/CHF holds steady above 0.9800 handle, up little amid a modest USD rebound

A solid rebound in the US bond yields helped ease the USD bearish pressure.
A modest USD uptick prompts some short-covering amid oversold conditions.
Market participants now eye US economic docket for some short-term impetus.

Haresh Menghani FXStreet

The USD/CHF pair struggled to capitalize on its attempted intraday recovery, albeit has managed to hold above the 0.9900 handle and multi-month lows set in the previous session.

After struggling to find acceptance above the parity mark, the pair witnessed a dramatic turnaround on Wednesday in reaction to dovish sounding FOMC statement, which triggered a broad-based US Dollar sell-off.

The pair remained under some intense selling pressure for the second consecutive session on Thursday and was further weighed down by escalating geopolitical tensions, which tends to benefit the Swiss Franc's safe-haven status.

The downward trajectory dragged the pair to its lowest level since January 10, though bulls showed some resilience at lower levels and managed to defend the 0.9800 round figure mark on a daily closing basis.

Meanwhile, a modest US Dollar rebound at the start of the European session on Friday - supported by a solid rebound in the US Treasury bond yields, prompted some short-covering move amid near-term oversold conditions.

The uptick, however, lacked any strong conviction as investors now look forward to the US economic docket - featuring the release of flash manufacturing PMI and existing home sales data, for some short-term trading impetus.

Technical levels to watch

USD/CHF

Overview
Today last price	0.9819
Today Daily Change	0.0003
Today Daily Change %	0.03
Today daily open	0.9816

Trends
Daily SMA20	0.9967
Daily SMA50	1.0068
Daily SMA100	1.0038
Daily SMA200	0.9974

Levels
Previous Daily High	0.9951
Previous Daily Low	0.9792
Previous Weekly High	0.9996
Previous Weekly Low	0.9885
Previous Monthly High	1.0227
Previous Monthly Low	1
Daily Fibonacci 38.2%	0.9853
Daily Fibonacci 61.8%	0.989
Daily Pivot Point S1	0.9755
Daily Pivot Point S2	0.9694
Daily Pivot Point S3	0.9596
Daily Pivot Point R1	0.9914
Daily Pivot Point R2	1.0012
Daily Pivot Point R3	1.0073

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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