- USD/CHF continued gaining traction for the fifth straight session on Friday.
- The bid tone surrounding the USD remained unabated post-US jobs report.
- A positive opening in the US equity markets remained supportive of the uptick.
The USD/CHF pair jumped to fresh session tops in the last hour, with bulls now eyeing to reclaim and extend the momentum further beyond the 0.9800 mark.
The pair prolonged this week’s solid rebound from the key 0.9500 psychological mark and gained some follow-through traction amid the prevalent bullish sentiment surrounding the US dollar.
The USD maintained its strong bid tone through the early North-American session and seemed rather unaffected by awful US monthly jobs report, which showed a loss of 701K jobs in March.
Meanwhile, the unemployment rate rose to 4.4%, which added to concerns over the economic fallout from the coronavirus pandemic and benefitted the USD’s status as the global reserve currency.
This coupled with a positive opening in the US equity markets undermined the Swiss franc’s perceived safe-haven demand and further contributed to the pair’s ongoing positive momentum.
Moving ahead, market participants now look forward to the US ISM Non-Manufacturing PMI, which might produce some meaningful trading opportunities on the last day of the week.
Technical levels to watch
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