USD/CHF sits near 1-1/2 week tops, eyeing to reclaim 0.9800 mark

USD/CHF continued gaining traction for the fifth straight session on Friday.
The bid tone surrounding the USD remained unabated post-US jobs report.
A positive opening in the US equity markets remained supportive of the uptick.

Haresh Menghani FXStreet

The USD/CHF pair jumped to fresh session tops in the last hour, with bulls now eyeing to reclaim and extend the momentum further beyond the 0.9800 mark.

The pair prolonged this week's solid rebound from the key 0.9500 psychological mark and gained some follow-through traction amid the prevalent bullish sentiment surrounding the US dollar.

The USD maintained its strong bid tone through the early North-American session and seemed rather unaffected by awful US monthly jobs report, which showed a loss of 701K jobs in March.

Meanwhile, the unemployment rate rose to 4.4%, which added to concerns over the economic fallout from the coronavirus pandemic and benefitted the USD's status as the global reserve currency.

This coupled with a positive opening in the US equity markets undermined the Swiss franc's perceived safe-haven demand and further contributed to the pair's ongoing positive momentum.

Moving ahead, market participants now look forward to the US ISM Non-Manufacturing PMI, which might produce some meaningful trading opportunities on the last day of the week.

Technical levels to watch

USD/CHF

Overview
Today last price	0.9782
Today Daily Change	0.0046
Today Daily Change %	0.47
Today daily open	0.9736

Trends
Daily SMA20	0.9601
Daily SMA50	0.9674
Daily SMA100	0.974
Daily SMA200	0.981

Levels
Previous Daily High	0.975
Previous Daily Low	0.9652
Previous Weekly High	0.9902
Previous Weekly Low	0.9502
Previous Monthly High	0.9902
Previous Monthly Low	0.9183
Daily Fibonacci 38.2%	0.9713
Daily Fibonacci 61.8%	0.969
Daily Pivot Point S1	0.9676
Daily Pivot Point S2	0.9615
Daily Pivot Point S3	0.9578
Daily Pivot Point R1	0.9774
Daily Pivot Point R2	0.9811
Daily Pivot Point R3	0.9872

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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