• 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.

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

 

 

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