“¢ A modest pickup in the USD demand triggers the initial leg of up-move on Tuesday.
“¢ Improving risk sentiment undermines CHF’s safe-haven demand and remains supportive.
“¢ Tuesday’s release of the US consumer confidence index eyed for some trading impetus.
The USD/CHF pair built on its intraday positive move and jumped to the overnight swing highs, around the 1.0060-65 region.
Having managed to defend the parity mark, a combination of supporting factors helped the pair to catch some fresh bids for the second consecutive session on Tuesday. The Swiss Franc seemed rather unaffected by upbeat Swiss GDP figures, showing that the economy grew at a 1.7% yearly pace during the first quarter of 2019.
A modest pickup in the US Dollar demand was seen as one of the key factors behind the early positive move, which coupled with a goodish intraday bounce in equity markets undermined demand for traditional safe-haven currencies – like the Swissy’s and remained supportive of the positive momentum through the early North-American session.
Meanwhile, a slight disappointment from the US housing market data – House Price Index (HPI) and S&P/CS Composite-20 HPI, did little to influence the price action and traders now look forward to the release of Conference Board’s US Consumer Price Index for some fresh impetus.
Technical levels to watch