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28 Jan 2020

USD/CHF climbs to over 2-week tops, around 0.9730 region

  • USD/CHF regains some positive traction amid improving risk sentiment.
  • Recovering US bond yields underpinned the USD and remained supportive.
  • The positive momentum seemed unaffected by mixed US Durable Goods Orders.

The USD/CHF pair built on its goodish intraday positive move and jumped to over two-week tops, around the 0.9730-35 region in the last hour.

Following an early dip to the 0.9680 region, the pair managed to regain some positive traction and the uptick accelerated further during the early North-American session. A turnaround in the global risk sentiment weighed heavily on the Swiss franc's safe-haven status and was seen as one of the key factors driving the pair higher.

The risk-on mood was further reinforced by a goodish rebound in the US Treasury bond yields, which underpinned the US dollar demand and remained supportive. The positive momentum seemed rather unaffected by mixed US Durable Goods Orders data and remained exclusive driven by the improving risk appetite.

It will now be interesting to see if the pair is able to capitalize on the positive momentum or meets with some supply at higher levels. Market participants now look forward to the Conference Board's US Consumer Confidence Index in order to grab some short-term trading opportunities.

Technical levels to watch

 

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