USD/CHF rises to near one-week tops, retakes 0.9900 mark


  • Hopes of a possible US-China trade deal weighed on the CHF’s safe-haven status.
  • The USD bulls remained on the defensive despite the upsurge in the US bond yields.
  • Investors look forward to the US ISM non-manufacturing PMI for a fresh impetus.

The USD/CHF pair climbed to near one-week tops in the last hour, with bulls looking to extend the momentum further beyond the 0.9900 round figure mark.
 
The pair built on the previous session's goodish rebound from two-week lows and gained some follow-through traction for the second consecutive day on Tuesday amid the prevalent risk-on mood, which tends to undermine demand for traditional safe-haven currencies – including the Swiss Franc.

Risk-on mood supportive of the positive move

The incoming positive trade-related headlines fueled optimism about a possible US-China trade deal later this month and boosted the global risk sentiment. In the latest development, the US Commerce Secretary Wilbur Ross said on Sunday that the licenses for American companies to export certain technology products to China’s Huawei would be issued very shortly.
 
On the other hand, the US Dollar failed to attract any meaningful buying interest and remained depressed through the early European session on Tuesday, despite the ongoing upsurge in the US Treasury bond yields, which might eventually turn out to be the only factor keeping a lid on any subsequent positive move for the major.
 
Moving ahead, Tuesday's US economic docket – highlighting the release of ISM non-manufacturing PMI – will now be looked upon for some short-term trading impetus later during the early North-American session.

Technical levels to watch

USD/CHF

Overview
Today last price 0.9905
Today Daily Change 0.0025
Today Daily Change % 0.25
Today daily open 0.988
 
Trends
Daily SMA20 0.9918
Daily SMA50 0.9912
Daily SMA100 0.9871
Daily SMA200 0.9955
 
Levels
Previous Daily High 0.9889
Previous Daily Low 0.9852
Previous Weekly High 0.997
Previous Weekly Low 0.985
Previous Monthly High 1.0028
Previous Monthly Low 0.9837
Daily Fibonacci 38.2% 0.9875
Daily Fibonacci 61.8% 0.9866
Daily Pivot Point S1 0.9858
Daily Pivot Point S2 0.9836
Daily Pivot Point S3 0.9821
Daily Pivot Point R1 0.9896
Daily Pivot Point R2 0.9911
Daily Pivot Point R3 0.9933

 

 

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