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USD/CHF consolidates in a range, just below 3-week tops

   •  US-China trade optimism/risk-on mood dampens CHF’s safe-haven appeal.
   •  Subdued USD price action fails to provide any additional boost to the major.
   •  The pair remains on track to post strong weekly gains of over 1.0%.

The USD/CHF pair was seen consolidating recent strong gains and oscillated in a narrow trading band, just south of three-week tops. 

A combination of supporting factors assisted the pair to build on last week's strong rebound move from over three-month lows and kept pushing higher through Thursday's trading session.

A modest US Dollar uptick got an additional boost following the release of better-than-expected US economic data - initial weekly jobless claims and Philly Fed manufacturing index.

This coupled optimism led by a report that the US is considering easing tariffs on Chinese products triggered a late rally in the US equity markets and further dented the Swiss Franc's safe-haven status. 

The pair rallied to levels just above mid-0.9900s, the highest since December 27, but in absence of any fresh catalysts, lacked any strong follow-through on the last trading day of the week.

There isn't any major market-moving economic data due for release on Friday and hence, the broader market risk-sentiment and the USD price dynamics might continue to act as key determinants of the pair's momentum.

Nevertheless, the pair remains on track to end the week with strong gains of around 1% and also seems all set to record its highest weekly close at least since late-December. 

Technical levels to watch

USD/CHF

Overview:
    Today Last Price: 0.9942
    Today Daily change: 5 pips
    Today Daily change %: 0.0604%
    Today Daily Open: 0.9936
Trends:
    Daily SMA20: 0.9861
    Daily SMA50: 0.9926
    Daily SMA100: 0.9886
    Daily SMA200: 0.9894
Levels:
    Previous Daily High: 0.9955
    Previous Daily Low: 0.989
    Previous Weekly High: 0.9876
    Previous Weekly Low: 0.9716
    Previous Monthly High: 1.0009
    Previous Monthly Low: 0.979
    Daily Fibonacci 38.2%: 0.993
    Daily Fibonacci 61.8%: 0.9915
    Daily Pivot Point S1: 0.9899
    Daily Pivot Point S2: 0.9862
    Daily Pivot Point S3: 0.9834
    Daily Pivot Point R1: 0.9964
    Daily Pivot Point R2: 0.9992
    Daily Pivot Point R3: 1.0029

 

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