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July 02, 2018
• Resurgent USD demand helps regain positive traction on Monday.
• Negative European equities did little to boost CHF’s safe-haven appeal.
• Traders now eye US ISM PMI in order to grab short-term opportunities.
The USD/CHF pair caught some fresh bids at the start of a new trading week and has now recovered a major part of Friday's sharp downfall.
The pair stalled last week's retracement slide from the vicinity of parity mark, or five-week tops, and regained positive traction amid resurgent US Dollar demand. The greenback kicked off a new week/month/quarter on a positive note and seemed unaffected by the ongoing slide in the US Treasury bond yields.
Against the backdrop of recent trade jitters, the latest German coalition crisis dampened investors' appetite for riskier assets. The CSU's Seehofer threatened to bring the coalition to a grinding halt in wake of an escalating row over the current immigration agreements that have been made with other EU partner countries
However, the prevalent negative trading sentiment around European equity markets did little to boost the Swiss Franc's safe-haven appeal, with the USD price dynamics turning out to be an exclusive driver of the pair's strong up-move on Monday.
Currently placed at session tops, around the 0.9955-60 region, traders now look forward to the release of US ISM manufacturing PMI, due in a short while from now, in order to grab some short-term trading opportunities.
Technical levels to watch
Any subsequent up-move beyond the 0.9970 immediate hurdle might continue to confront resistance near the parity mark, above which the pair seems all set to aim towards retesting the 1.0050-55 supply zone.
On the flip side, the 0.9900 handle now seems to act as an immediate strong support, which if broken might accelerate the fall towards 0.9860-55 intermediate support before the pair eventually drops to the 0.9800 handle.
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