• A modest USD uptick helps build on the recent sharp rebound from over 3-month lows.
• Technical buying above 200-DMA provides an additional boost and remain supportive.
• The up-move seemed rather unaffected by the weaker risk sentiment/US bond yields.
The USD/CHF pair continued gaining positive traction for the third consecutive session and climbed to near three-week tops in the last hour.
The pair built on last week's sharp rebound from over three-month lows, with a modest US Dollar uptick extending some support and assisting bulls to extend the trajectory further beyond the 0.9900 handle.
The up-move seemed rather unaffected by softer risk sentiment, further reinforced by a modest retracement in the US Treasury bond yields and which tends to boost the Swiss Franc's safe-haven demand.
Meanwhile, possibilities of some technical buying/short-covering, especially after the overnight breakthrough the very important 200-day SMA, could also be one of the factors fueling the ongoing positive momentum.
It would now be interesting to see if bulls are able to maintain their dominant position of the up-move is seen as a selling opportunity amid dovish Fed expectations and deteriorating global risk-appetite.
Moving ahead, today's second-tier US economic data - initial weekly jobless claims and Philly Fed manufacturing index, will now be looked upon in order to capture some short-term trading opportunities.
Technical levels to watch
Any subsequent up-move is likely to confront some fresh supply near the 0.9950 region, above which bulls are likely to aim towards reclaiming the parity mark. On the flip side, the 0.9900-0.9890 region (200-DMA) now becomes immediate support to defend, which if broken might accelerate the fall back towards the 0.9845 horizontal zone.
USD/CHF
Overview:
Today Last Price: 0.992
Today Daily change: 15 pips
Today Daily change %: 0.151%
Today Daily Open: 0.9905
Trends:
Previous Daily SMA20: 0.9858
Previous Daily SMA50: 0.9929
Previous Daily SMA100: 0.9883
Previous Daily SMA200: 0.9893
Levels:
Previous Daily High: 0.9911
Previous Daily Low: 0.9872
Previous Weekly High: 0.9876
Previous Weekly Low: 0.9716
Previous Monthly High: 1.0009
Previous Monthly Low: 0.979
Previous Daily Fibonacci 38.2%: 0.9896
Previous Daily Fibonacci 61.8%: 0.9887
Previous Daily Pivot Point S1: 0.9881
Previous Daily Pivot Point S2: 0.9857
Previous Daily Pivot Point S3: 0.9842
Previous Daily Pivot Point R1: 0.992
Previous Daily Pivot Point R2: 0.9935
Previous Daily Pivot Point R3: 0.9959
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD clings to gains near 1.0700, awaits key US data
EUR/USD clings to gains near the 1.0700 level in early Europe on Thursday. Renewed US Dollar weakness offsets the risk-off market environment, supporting the pair ahead of the key US GDP and PCE inflation data.
USD/JPY keeps pushing higher, eyes 156.00 ahead of US GDP data
USD/JPY keeps breaking into its highest chart territory since June of 1990 early Thursday, recapturing 155.50 for the first time in 34 years as the Japanese Yen remains vulnerable, despite looming intervention risks. The focus shifts to Thursday's US GDP report and the BoJ decision on Friday.
Gold closes below key $2,318 support, US GDP holds the key
Gold price is breathing a sigh of relief early Thursday after testing offers near $2,315 once again. Broad risk-aversion seems to be helping Gold find a floor, as traders refrain from placing any fresh directional bets on the bright metal ahead of the preliminary reading of the US first-quarter GDP due later on Thursday.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price.
Meta takes a guidance slide amidst the battle between yields and earnings
Meta's disappointing outlook cast doubt on whether the market's enthusiasm for artificial intelligence. Investors now brace for significant macroeconomic challenges ahead, particularly with the release of first-quarter GDP data.