USD/CHF sits near 1-week tops, just below mid-0.9700s

USD/CHF edges higher for the fourth consecutive session on Thursday.
The risk-on mood weighed on the safe-haven CHF and remained supportive.
A pullback in the US bond yields kept a lid on the USD and capped gains.

Haresh Menghani FXStreet

The USD/CHF pair now seems to have entered a bullish consolidation phase and was seen oscillating in a narrow trading band near one-week tops, just below mid-0.9700s.

The pair added to its positive momentum witnessed since the beginning of this week and edged higher for the fourth consecutive session on Thursday amid the prevailing risk-on mood, which tends to undermine the Swiss franc's perceived safe-haven status.

USD/CAD remains supported by risk-on mood

More positive development surrounding the coronavirus saga, coupled with hopes the economic impact from the outbreak of the virus could be limited continued boosting investors' sentiment and weighed on traditional safe-haven assets.

On the other hand, the US dollar stood tall near two-month tops but the upside seemed capped amid a modest intraday pullback in the US Treasury bond yields, which eventually turned out to be one of the key factors capping gains for the major.

In absence of any major market-moving economic releases from the US, the broader market risk sentiment and the USD price dynamics might continue to act key determinants of the pair's momentum ahead of Friday's closely watched NFP report.

Technical levels to watch

USD/CHF

Overview
Today last price	0.974
Today Daily Change	0.0004
Today Daily Change %	0.04
Today daily open	0.9736

Trends
Daily SMA20	0.9692
Daily SMA50	0.9763
Daily SMA100	0.9845
Daily SMA200	0.9878

Levels
Previous Daily High	0.9748
Previous Daily Low	0.9678
Previous Weekly High	0.9768
Previous Weekly Low	0.9629
Previous Monthly High	0.9768
Previous Monthly Low	0.9613
Daily Fibonacci 38.2%	0.9721
Daily Fibonacci 61.8%	0.9705
Daily Pivot Point S1	0.9693
Daily Pivot Point S2	0.9651
Daily Pivot Point S3	0.9623
Daily Pivot Point R1	0.9763
Daily Pivot Point R2	0.9791
Daily Pivot Point R3	0.9833

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

GBP/USD weakens to two-week lows near 1.3520

GBP/USD trades on the back foot, returning to the low 1.3500s, or two-week troughs, on Tuesday. Cable’s bearish price action follows decent gains in the Greenback at the time when investors assess latest US data releases and the persistent uncertainty in the US-Iran crisis.

EUR/USD remains offered; breaks below 1.1600

EUR/USD now accelerates its daily correction, breaching below the key 1.1600 support level on Tuesday. The pair’s daily correction comes on the back of a decent bounce in the US Dollar despite disappointing US data releases and amid persistent geopolitical concerns.

No reaction from Gold; still targets $4,300

Gold extends Monday’s pessimism and slipped back to nearly three-week lows just above the $4,300 mark per troy ounce on Tuesday. The US Dollar’s rebound couple with rising US Treasury yields weigh on the precious metal despite tensions in the Middle East appear far from abated.

Crypto Today: Bitcoin, Ethereum, XRP struggle to extend gains despite ETF inflows

Bitcoin stalls while holding above $78,000 support as ETF inflows return. Ethereum takes a breather around $2,450 amid sustained institutional support. XRP remains pressured as the 200-day EMA provides immediate support.

Global bond market sell off haunts markets

Global sovereign bonds are selling off as we start a new month. The UK is, unsurprisingly, taking the biggest hit. Two and 10-year yields rose by 10 basis points at one point on Tuesday, and are currently higher by 7 and 8bps respectively.

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.