USD/CHF spikes to session tops, beyond 1.0050 level

Haresh Menghani FXStreet

• Improving risk sentiment weighs on CHF’s safe-haven status and helped regain traction.
• The up-move seemed unaffected by a subdued USD price action amid Fed rate cut bets.

The USD/CHF pair continued scaling higher through the early European session on Monday and spiked to fresh session tops, levels beyond mid-1.0000s in the last hour.

Bulls continued showing some resilience near the parity mark, with a slight improvement in the global risk sentiment denting the Swiss Franc's relative safe-haven status and assisting the pair to catch some aggressive bids at the start of a new trading week.

The intraday positive momentum seemed rather unaffected by a mildly weaker tone surrounding the US Dollar, which remained on the defensive amid growing bets for a Fed rate cut following the latest disappointment from the US durable goods orders data.

It, however, remains to be seen if bulls are able to capitalize or the up-move fizzles out at higher levels amid relatively thin liquidity conditions on the back of holidays in the UK/US and concerns over a further escalation in the US-China trade tensions.

Technical levels to watch

USD/CHF

Overview
Today last price	1.0054
Today Daily Change	0.0038
Today Daily Change %	0.38
Today daily open	1.0016

Trends
Daily SMA20	1.0128
Daily SMA50	1.0071
Daily SMA100	1.0025
Daily SMA200	0.9954

Levels
Previous Daily High	1.0044
Previous Daily Low	1.0008
Previous Weekly High	1.0122
Previous Weekly Low	1.0008
Previous Monthly High	1.0238
Previous Monthly Low	0.9932
Daily Fibonacci 38.2%	1.0022
Daily Fibonacci 61.8%	1.003
Daily Pivot Point S1	1.0001
Daily Pivot Point S2	0.9987
Daily Pivot Point S3	0.9965
Daily Pivot Point R1	1.0037
Daily Pivot Point R2	1.0059
Daily Pivot Point R3	1.0073

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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