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10 Nov 2017

USD/CHF jumps to fresh session tops, beyond mid-0.9900s

   •  Stages a goodish recovery from over 2-week lows. 
   •  Surging US bond yields lending support.
   •  US consumer sentiment index highlights today’s US docket. 

Having retested previous session's two-week lows, the USD/CHF pair staged a modest recovery and is currently placed at the top end of the daily trading range.

The pair on Thursday finally broke out of its two-week-old trading range and dropped to its lowest level since Oct. 26 amid broad-based US Dollar weakness, triggered by the latest disappointment from the US tax legislation.

However, a sharp uptick in the US Treasury bond yields helped ease some of bearish pressure around the greenback and helped the pair to rebound on the last trading day of the week. 

   •  Flattening of US yield curve: Is another conundrum in the making? - Natixis

Adding to this, initial signs of some stability in global equity markets drove flows out of traditional safe-haven currencies, including the Swiss Franc, and further collaborated to the pair's modest short-covering bounce back above mid-0.9900s.

Traders would now take cues from the release of Prelim UoM Consumer Sentiment Index, in what could be a rather lackluster NY trading session on the back of a bank holiday in the US. 

Technical levels to watch

From current levels, the 0.9970 level is likely to act as immediate resistance, above which the pair is likely to aim back towards conquering the parity mark.

On the downside, weakness below 0.9935-25 zone would turn the pair vulnerable to break through the 0.9900 handle and head towards testing its next support near the 0.9865-60 region.
 

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