USD/CHF retreats farther below 1.0100 handle amid reviving safe-haven demand

Haresh Menghani FXStreet

• The latest trade-related headlines triggered a fresh wave of global risk-aversion trade.
• Safe-haven flows benefitted the CHF and prompted some fresh selling at higher levels.

The USD/CHF pair extended its intraday pullback from near one-week tops and dropped to fresh session lows, around the 1.0085 region in the last hour.

Having touched an intraday high level of 1.0121, the pair witnessed an intraday turnaround amid reviving safe-haven demand in reaction to reports that China is considering suspending business with suppliers who agreed to halt supplying Huawei and may temporarily hike tariffs for Apple.

The news added to the recent concerns over a further escalation in the US-China trade tensions and triggered a fresh wave of global risk-aversion trade, which was evident from a sea of red across the European equity markets and benefitted the Swiss Franc's relative safe-haven status.

The global flight to safety was further reinforced by a modest drop in the US Treasury bond yields, which coupled with a subdued US Dollar demand failed to lend any support or stall the pair's sharp intraday slide of around 35-pips - back below the 1.0100 round figure mark.

The pair has now erased all of its gains recorded in the previous two trading session and a follow-through weakness, possibly towards testing the 1.0060-50 support area amid absent relevant market moving US economic releases, now looks a distinct possibility.

Technical levels to watch

USD/CHF

Overview
Today last price	1.0086
Today Daily Change	-0.0023
Today Daily Change %	-0.23
Today daily open	1.0109

Trends
Daily SMA20	1.0159
Daily SMA50	1.007
Daily SMA100	1.0015
Daily SMA200	0.9951

Levels
Previous Daily High	1.0123
Previous Daily Low	1.0085
Previous Weekly High	1.0123
Previous Weekly Low	1.005
Previous Monthly High	1.0238
Previous Monthly Low	0.9932
Daily Fibonacci 38.2%	1.0108
Daily Fibonacci 61.8%	1.0099
Daily Pivot Point S1	1.0088
Daily Pivot Point S2	1.0068
Daily Pivot Point S3	1.0051
Daily Pivot Point R1	1.0126
Daily Pivot Point R2	1.0143
Daily Pivot Point R3	1.0164

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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