- A modest pickup in the USD demand helped regain some traction.
- Bulls seemed rather unaffected by the prevalent cautious mood.
- Sliding US bond yields might hinder the USD uptick and cap gains.
The USD/CHF pair spiked to fresh session tops, around the 0.9960-65 region in the last hour, with bulls making a fresh attempt to build on the momentum further beyond the very important 200-day SMA.
Following the previous session's good two-way price swings, the pair managed to regain some positive traction and was being supported by a goodish pickup in the US Dollar demand. The incoming positive trade-related headlines reinforced prospects for a partial US-China trade deal and extended some support to the Greenback.
Focus remains on FOMC
Meanwhile, the intraday uptick seemed rather unaffected by a slightly softer tilt in the global risk mood, which tends to underpin the Swiss Franc's perceived safe-haven status. The USD bulls also shrugged off a sharp intraday slide in the US Treasury bond yields, albeit might turn out to be the only factor capping further gains.
Moving ahead, Tuesday's US economic docket – highlighting the release of the Conference Board's Consumer Confidence Index and pending home sales data – will be looked upon for some short-term trading impetus later during the early North-American session.
The key focus, however, will remain on the outcome of a highly anticipated FOMC meeting, starting this Tuesday. The Fed is scheduled to announce its policy decision during the US session on Wednesday, which will play a key role in influencing the near-term USD price dynamics and provide a fresh directional impetus.
Technical levels to watch
|Today last price||0.9961|
|Today Daily Change||0.0015|
|Today Daily Change %||0.15|
|Today daily open||0.9946|
|Previous Daily High||0.997|
|Previous Daily Low||0.9938|
|Previous Weekly High||0.9956|
|Previous Weekly Low||0.9841|
|Previous Monthly High||0.9988|
|Previous Monthly Low||0.9797|
|Daily Fibonacci 38.2%||0.995|
|Daily Fibonacci 61.8%||0.9958|
|Daily Pivot Point S1||0.9933|
|Daily Pivot Point S2||0.9919|
|Daily Pivot Point S3||0.99|
|Daily Pivot Point R1||0.9965|
|Daily Pivot Point R2||0.9984|
|Daily Pivot Point R3||0.9998|
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