USD/CHF surges through 0.9700 mark, hits 1-week tops

The USD/CHF pair finally broke out of its daily consolidative trading range and spiked to one-week tops, over levels beyond the 0.9700 round-figure ma  |  02/04/2020 14:04
  • USD/CHF continued gaining traction for the fourth consecutive session on Thursday.
  • A sudden pickup in the USD demand provided an additional boost in the past hour.
  • Technical buying above the 0.9700 mark further contributed to the positive move.

The USD/CHF pair finally broke out of its daily consolidative trading range and spiked to one-week tops, over levels beyond the 0.9700 round-figure mark.

The pair built on this week's goodish recovery move from the key 0.9500 psychological mark, or near two-week lows and gained some follow-through positive traction for the fourth consecutive session on Thursday.

The latest move up was sponsored by a strong pickup in the US dollar demand since the early North-American session, despite another surge in the US Initial Jobless Claims.

The greenback remained well supported by its status as the global reserve currency amid mounting fears over the economic fallout from the coronavirus, with bulls shrugging off a fresh leg down in the US Treasury bond yields.

Apart from a broad-based USD strength, possibilities of some short-term trading stops being triggered on a sustained move above the 0.9700 mark further seemed to have contributed to the pair's ongoing positive momentum.

The pair has now moved back closer to the 100-day SMA resistance, which if cleared decisively would set the stage for an extension of the momentum further beyond the 0.9800 round-figure mark, towards challenging the very important 200-day SMA.

Technical levels to watch

 

Share

Popular News

Market Insight's Views

Market Insight analyses will provide both fundamental and technical comprehensions on FX
and other asset classes for Market Insight viewers

RISK WARNING

The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

  • ForexF
  • IndicesI
  • CommoditiesC
        Back

        Login to Market Insight Account

        Your Market Insight account gives you access to the tools that we offer our customers including our
        Technical Studies & Sentiment for your accounts.

        Forgot Password?

        Don't you have a Market Insight account? With a few easy steps you can easily register to Market Insight

        Create a Market Insight's Account

        Your Market Insight account gives you access to the tools that we offer our customers including our Technical Studies & Sentiment for your accounts.

        register_ty

        Thank you!

        Welcome to Market Insight family!

        You have succesfully completed the registration.
        We will send you an e-mail to give you some
        instructions and our Terms and Conditions!
        Our account representatives will be contacting you as
        soon as possible. If you have any further questions
        please do not hesitate to mail us via info@marketinsight.com