USD/CHF sticks to strong intraday gains near one-week high, around mid-0.9200s

USD/CHF caught aggressive bids on Monday and rallied to a one-week high.
An escalation in the Russia-Ukraine war lifted the USD and acted as a tailwind.
Verbal intervention by the SNB weighed on the CHF and remained supportive.

Haresh Menghani FXStreet

The USD/CHF pair maintained its strong bid tone through the early North American session and was last seen trading around mid-0.9200s. just a few pips below the one-week high touched earlier this Monday.

Having shown some resilience below the very important 200-day SMA, the USD/CHF pair caught aggressive bids on Monday and rallied nearly 100 pips from the intraday low, around the 0.9160 region. Concerns about the worsening situation in Ukraine continued boosting the US dollar's status as the global reserve currency and acted as a tailwind for the major.

In fact, the USD Index jumped to the highest level since May 2020 and was further underpinned by a sharp rise in the US Treasury bond yields. On the other hand, some verbal intervention by the Swiss National Bank, reiterating its pledge to intervene in the currency markets, weighed on the Swiss franc and provided an additional boost to the USD/CHF pair.

The risk sentiment stabilized after Russia announced that it will hold fire and open six humanitarian corridors to allow civilians to escape. Moreover, the announcement that the third round of Russia-Ukraine ceasefire talks is set to start at 14:00 GMT led to a goodish recovery in the equity markets and capped the upside for the buck, at least for now.

This, in turn, held back traders from placing aggressive bullish bets and kept a lid on any further gains for the USD/CHF pair. In the absence of any major market-moving economic releases from the US, the focus will remain on the incoming geopolitical headlines surrounding the Russia-Ukraine saga. This will influence the USD and provide some impetus to the USD/CHF pair.

Technical levels to watch

USD/CHF

Overview
Today last price	0.9239
Today Daily Change	0.0070
Today Daily Change %	0.76
Today daily open	0.9169

Trends
Daily SMA20	0.9219
Daily SMA50	0.9201
Daily SMA100	0.9207
Daily SMA200	0.9188

Levels
Previous Daily High	0.921
Previous Daily Low	0.9166
Previous Weekly High	0.9278
Previous Weekly Low	0.915
Previous Monthly High	0.9297
Previous Monthly Low	0.915
Daily Fibonacci 38.2%	0.9183
Daily Fibonacci 61.8%	0.9194
Daily Pivot Point S1	0.9153
Daily Pivot Point S2	0.9138
Daily Pivot Point S3	0.9109
Daily Pivot Point R1	0.9197
Daily Pivot Point R2	0.9226
Daily Pivot Point R3	0.9241

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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