USD/CHF rebounds from 10-day lows, trades near 1.0040

  • Improved market sentiment helps the pair turn north on Friday.
  • US Dollar Index posts small losses following yesterday's rebound.
  • Coming up: Industrial production and consumer confidence data from the U.S. 

Following a drop to its lowest level in 10 days at 1.0018 in the early European morning, the USD/CHF staged a modest recovery and was last seen trading at 1.0040, where it was virtually unchanged on the day.

Improved market sentiment on Friday seems to be weighing on the traditional safe-havens such as the CHF. British lawmakers' vote to delay Brexit and reports of the U.S. and China moving closer to a trade deal boosted the risk appetite. Chinese news agency Xinhua on Friday said Chinese Vice Premier Liu He had phone conversations with Treasury Secretary Mnuchin and Trade Representative Lighthizer and 'substantive progress' was made in trade negotiations. Reflecting the risk-on mood, Germany's DAX is now adding nearly 1% on the day and the UK's FTSE is up 0.65%.

On the other hand, the greenback is staying relatively calm on Friday with the US Dollar Index posting small losses in the 96.70-60 area ahead of the macroeconomic data releases from the United States and keeping the pair's upside capped. 

The NY Fed's Empire State Manufacturing Index, the UoM's Consumer Sentiment Survey, and industrial production data from the U.S. will be looked upon for fresh catalysts.

Technical levels to watch for


    Daily SMA20: 1.0032
    Daily SMA50: 0.9976
    Daily SMA100: 0.997
    Daily SMA200: 0.992
    Previous Daily High: 1.0052
    Previous Daily Low: 1.0028
    Previous Weekly High: 1.0125
    Previous Weekly Low: 0.9977
    Previous Monthly High: 1.01
    Previous Monthly Low: 0.9921
    Daily Fibonacci 38.2%: 1.0037
    Daily Fibonacci 61.8%: 1.0043
    Daily Pivot Point S1: 1.0027
    Daily Pivot Point S2: 1.0015
    Daily Pivot Point S3: 1.0003
    Daily Pivot Point R1: 1.0051
    Daily Pivot Point R2: 1.0063
    Daily Pivot Point R3: 1.0075



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