USD/CHF recovers further from multi-month lows, moves beyond mid-0.9600s

USD/CHF gains some follow-through traction for the second consecutive session on Friday.
The prevailing risk-on mood weighed on the CHF’s safe-haven status and remained supportive.

Haresh Menghani FXStreet

The USD/CHF pair edged higher through the early European session on Friday and built on the previous session's modest rebound from multi-month lows.

The pair on Thursday staged a late rebound from the vicinity of the 0.9600 handle – the lowest level since September 2018 – and finally settled near the top end of its daily trading range, snapping five consecutive days of losing streak.

USD/CHF supported by the prevailing risk-on mood

The recovery momentum extended for the second consecutive session on Friday and was being supported by the prevailing risk-on environment, which tends to undermine demand for the Swiss franc's perceived safe-haven demand.

Improving global risk sentiment was further reinforced by a goodish pickup in the US Treasury bond yields, which helped the US dollar to add to the overnight upbeat data-led positive move and remained supportive of the steady recovery.

Currently hovering around the 0.9660 region, market participants now look forward to a slew of second-tier US economic data in order to grab some short-term trading opportunities later during the early North-American session.

Technical levels to watch

USD/CHF

Overview
Today last price	0.966
Today Daily Change	0.0011
Today Daily Change %	0.11
Today daily open	0.9649

Trends
Daily SMA20	0.9727
Daily SMA50	0.9829
Daily SMA100	0.9874
Daily SMA200	0.991

Levels
Previous Daily High	0.9653
Previous Daily Low	0.9613
Previous Weekly High	0.9763
Previous Weekly Low	0.9665
Previous Monthly High	1.0009
Previous Monthly Low	0.9646
Daily Fibonacci 38.2%	0.9638
Daily Fibonacci 61.8%	0.9628
Daily Pivot Point S1	0.9623
Daily Pivot Point S2	0.9598
Daily Pivot Point S3	0.9583
Daily Pivot Point R1	0.9663
Daily Pivot Point R2	0.9678
Daily Pivot Point R3	0.9704

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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