USD/CHF steadily climbs to 1-week tops, around mid-0.9900s


  • The USD attracts some bids despite softer US inflation data.
  • Bulls seemed unaffected by the prevailing cautious mood.
  • Move beyond 200-DMA needed to confirm additional gains.

The USD/CHF pair maintained its bid tone through the early North-American session and climbed to near one-week tops, around mid-0.9900s in the last hour.

After an initial dip to the 0.9900 neighbourhood, the pair regained positive traction - marking the third consecutive session of up-move and built on its recent bounce from multi-month lows. 

The up-move seemed unaffected by the prevailing cautious mood, which tends to underpin the Swiss Franc's safe-haven status, with a modest US Dollar uptick providing a modest lift in the last hour.

Despite softer US consumer inflation figures for May, which reinforced market expectations that the Fed will move to cut interest rates, the greenback attracted some bids and remained supportive of the up-move.

It, however, remains to be seen if the uptick is backed by any genuine buying - negating the recent bearish trend, or is solely led by some near-term short-covering, which runs the risk of fizzling out rather quickly.

Hence, it would be prudent to wait for a sustained recovery back above the very important 200-day SMA before traders start positioning for any further appreciating move towards reclaiming the parity mark.

Technical levels to watch

USD/CHF

Overview
Today last price 0.9946
Today Daily Change 0.0022
Today Daily Change % 0.22
Today daily open 0.9924
 
Trends
Daily SMA20 1.0016
Daily SMA50 1.0075
Daily SMA100 1.0037
Daily SMA200 0.9965
Levels
Previous Daily High 0.9937
Previous Daily Low 0.9891
Previous Weekly High 1.0017
Previous Weekly Low 0.9854
Previous Monthly High 1.0227
Previous Monthly Low 1
Daily Fibonacci 38.2% 0.9919
Daily Fibonacci 61.8% 0.9909
Daily Pivot Point S1 0.9898
Daily Pivot Point S2 0.9871
Daily Pivot Point S3 0.9852
Daily Pivot Point R1 0.9944
Daily Pivot Point R2 0.9963
Daily Pivot Point R3 0.999

 

 

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