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USD/CHF spikes to fresh 6-week tops, nears 200-DMA around mid-0.9900s

Written by By Haresh Menghani | 2019-09-11 08:53:04 GMT
  • US-China trade optimism continues to weigh on the CHF’s safe-haven status.
  • The USD underpinned by rising US bond yields and remained supportive.

The USD buying interest picked up the pace during the early European session on Wednesday and lifted the USD/CHF pair to fresh six-week tops, around the 0.9940 region in the last hour.
 
After the previous session’s flat closing, a combination of supporting factors helped the pair to regain positive traction on Wednesday and build on its recent strong recovery move from yearly swing lows touched on August 13.

Risk-on mood inspiring bulls

Growing optimism over the resumption of the US-China trade talks continued boosting the global risk sentiment, which was evident from a bullish mood around equity markets and weighed on the Swiss Franc's safe-haven status.
 
The risk-on mood allowed the US Treasury bond yields to continue with their recent up-move, which further extended some support to the US Dollar and collaborated to the pair's momentum to the highest level since early-August.
 
The pair has now moved within the striking distance of the very important 200-day SMA, which if cleared decisively will be seen as a key trigger for bullish traders and set the stage for a further near-term appreciating move.
 
Moving ahead, Wednesday's US economic docket - highlighting the release of Producer Price Index (PPI) for August - will be looked upon for some short-term trading opportunities later during the early North-American session.

Technical levels to watch

USD/CHF

Overview
Today last price 0.9937
Today Daily Change 0.0018
Today Daily Change % 0.18
Today daily open 0.9919
 
Trends
Daily SMA20 0.9831
Daily SMA50 0.984
Daily SMA100 0.9928
Daily SMA200 0.995
Levels
Previous Daily High 0.9932
Previous Daily Low 0.9889
Previous Weekly High 0.993
Previous Weekly Low 0.9797
Previous Monthly High 0.9976
Previous Monthly Low 0.9659
Daily Fibonacci 38.2% 0.9905
Daily Fibonacci 61.8% 0.9916
Daily Pivot Point S1 0.9895
Daily Pivot Point S2 0.987
Daily Pivot Point S3 0.9852
Daily Pivot Point R1 0.9938
Daily Pivot Point R2 0.9956
Daily Pivot Point R3 0.9981

 

 

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By Haresh Menghani

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