USD/CHF sits near two-week tops, eyeing a move beyond 200-DMA


  • Risk-on mood/trade optimism weighed on the CHF’s safe-haven status.
  • The USD fails to benefit from the ongoing recovery in the US bond yields.

The USD/CHF pair climbed to near two-week tops, around 0.9960 region in the last hour, albeit struggled to extend the momentum further beyond the very important 200-day SMA.
 
The pair quickly reversed an early dip to the 0.9935 region and turned higher for the sixth consecutive session on Monday. The incoming positive trade-related headlines remained supportive of a generally risk-on mood and weighed on traditional safe-haven currencies – including the Swiss Franc.

Subdued USD demand seemed to cap gains

It is worth reporting that the US Trade Representative's office on Friday said that the US and China have made progress in trade talks and have come close to finalizing parts of a “phase one” trade deal. The US officials have said they hope to sign a deal in mid-November.
 
Fading safe-haven demand was further reinforced by a strong intraday rally in the US Treasury bond yields. The US Dollar, however, failed to attract any meaningful buying interest and turned out to be the only factor that might keep a lid on any runaway rally for the major.
 
Hence, it will be prudent to wait for some strong follow-through buying before traders start positioning for any further appreciating move back towards reclaiming the key parity mark amid absent relevant market moving economic releases from the US.

Technical levels to watch

USD/CHF

Overview
Today last price 0.995
Today Daily Change 0.0004
Today Daily Change % 0.04
Today daily open 0.9946
 
Trends
Daily SMA20 0.9937
Daily SMA50 0.99
Daily SMA100 0.9874
Daily SMA200 0.9956
 
Levels
Previous Daily High 0.9956
Previous Daily Low 0.9907
Previous Weekly High 0.9956
Previous Weekly Low 0.9841
Previous Monthly High 0.9988
Previous Monthly Low 0.9797
Daily Fibonacci 38.2% 0.9937
Daily Fibonacci 61.8% 0.9926
Daily Pivot Point S1 0.9917
Daily Pivot Point S2 0.9887
Daily Pivot Point S3 0.9868
Daily Pivot Point R1 0.9966
Daily Pivot Point R2 0.9985
Daily Pivot Point R3 1.0015

 

 

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