“¢ Improving risk sentiment seemed to dent the CHF’s safe-haven status.
“¢ Bulls shrug off a subdued USD demand amid rising Fed rate cut bets.
“¢ The focus remains on the release of US monthly jobs report for May.
The USD/CHF pair caught some fresh bids on the last trading day of the week and recovered a major part of the previous session’s slide, back closer to multi-month lows.
The pair continued showing some resilience below the 0.9900 handle and staged a late rebound on Thursday amid a pickup in the US equities, which tends to dent the Swiss Franc’s relative safe-haven status.
The momentum extended through the early European session on Friday, with bulls taking cues from a positive trading sentiment around equity markets and shrugging off a rather subdued US Dollar price-action.
The USD bulls remained on the defensive amid firming market expectations that the Fed will be forced to cut interest rates by the end of this year, albeit did little to hinder the pair’s strong intraday positive move.
It, however, remains to be seen if the pair is able to capitalize on the recovery or once again meets with some fresh supply near the very important 200-day SMA support turned resistance ahead of Friday’s key event risk – NFP.
Friday’s US economic docket highlights the release of the closely watched US monthly jobs report, which might influence the near-term USD price dynamics and eventually provide some fresh directional impetus.
Technical levels to watch
Share
