USD/CHF stages a modest recovery from 3-week lows, holds above mid-0.9600s

A goodish pickup in the USD demand assisted USD/CHF to gain some traction on Thursday.
The upside seemed limited amid softer risk sentiment and worsening US-China relations.
Investors now look forward to the US macro releases for some short-term trading impetus.

Haresh Menghani FXStreet

The USD/CHF pair edged higher through the early European session and was last seen trading near the top end of its daily trading range, around the 0.9665 region.

The pair managed to regain some positive traction on Thursday and recovered a part of the previous day's sharp fall to near three-week lows. The uptick was supported by a stronger US dollar, albeit the softer risk tone kept a lid on any strong gains for the USD/CHF pair.

As investors digested Wednesday's dovish sounding FOMC meeting minutes, the greenback attracted some dip-buying on Thursday and recovered a part of its recent losses. A modest pickup in the USD demand was seen as one of the key factors lending some support to the major.

Meanwhile, concerns about worsening US-China relations weighed on investors' sentiment. This was evident from a weaker trading action around the global equity markets, which extended some support to the Swiss franc's perceived safe-haven status and capped the upside.

From a technical perspective, the overnight break below the 0.9700 mark and a subsequent fall below 50-day SMA might have shifted the near-term bias back in favour of bears. However, it will be prudent to wait for some follow-through selling before placing fresh bearish bets.

Moving ahead, market participants now look forward to the release of Philly Fed Manufacturing Index, Initial Weekly Jobless Claims and Flash Manufacturing PMI from the US. The US macro data might influence the USD price dynamics and produce some meaningful trading opportunities later during the early North American session.

Technical levels to watch

USD/CHF

Overview
Today last price	0.9665
Today Daily Change	0.0016
Today Daily Change %	0.17
Today daily open	0.9649

Trends
Daily SMA20	0.9712
Daily SMA50	0.969
Daily SMA100	0.9687
Daily SMA200	0.9786

Levels
Previous Daily High	0.9717
Previous Daily Low	0.9638
Previous Weekly High	0.9755
Previous Weekly Low	0.9665
Previous Monthly High	0.9803
Previous Monthly Low	0.9595
Daily Fibonacci 38.2%	0.9668
Daily Fibonacci 61.8%	0.9687
Daily Pivot Point S1	0.9619
Daily Pivot Point S2	0.959
Daily Pivot Point S3	0.9541
Daily Pivot Point R1	0.9697
Daily Pivot Point R2	0.9746
Daily Pivot Point R3	0.9776

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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