#USDCHF @ 0.95852 -imp levels: gains traction for the sixth straight day and climbs to over a two-week high on Monday.

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• USD/CHF gains traction for the sixth straight day and climbs to over a two-week high on Monday.
• Hawkish Fed expectations continue to underpin the USD and remain supportive of the move up.
• Recession fears, the risk-off mood benefits the safe-haven CHF and seems to cap gains for the pair.

The pair currently trades last at 0.95852.

The previous day high was 0.9598 while the previous day low was 0.9553. The daily 38.2% Fib levels comes at 0.9581, expected to provide support. Similarly, the daily 61.8% fib level is at 0.957, expected to provide support.

The USD/CHF pair prolongs its bullish move witnessed over the past one week or so and edges higher for the sixth successive day on Monday. Spot prices climb to over a two-week high during the first half of the European session, though bulls seem struggling to capitalize on the move beyond the 0.9600 mark.

The US dollar buying remains unabated on the first day of a new week and turns out to be a key factor that continues to act as a tailwind for the USD/CHF pair. In fact, the USD Index climbs to its highest level since mid-July and remains well supported by hawkish Fed expectations. The recent comments by several Fed officials suggest that the US central bank will stick to its aggressive policy tightening path.

Investors, however, remain divided over the size of the next rate hike at the September meeting. Hence, Fed Chair Jerome Powell’s speech at the Jackson Hole Symposium on Friday will be looked upon for clues about the central bank’s policy outlook. Traders would further take cues from this week’s important US macro releases, which will influence the USD and provide a fresh directional impetus to the USD/CHF pair.

In the meantime, growing worries about a global economic downturn continue to weigh on investors’ sentiment. This is evident from the prevalent risk-off environment, which offers support to the safe-haven Swiss franc and seems to cap gains for the USD/CHF pair. The mixed fundamental backdrop warrants caution for bullish traders and positioning for any further gains amid absent relevant US economic data on Monday.

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.9595 at the time of writing. Pair opened at 0.959 and is trading with a change of 0.05 % .

The pair is trading above its 20 Daily moving average @ 0.9539, below its 50 Daily moving average @ 0.9641 , below its 100 Daily moving average @ 0.9646 and above its 200 Daily moving average @ 0.9441

The previous day high was 0.9598 while the previous day low was 0.9553. The daily 38.2% Fib levels comes at 0.9581, expected to provide support. Similarly, the daily 61.8% fib level is at 0.957, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.9563, 0.9536, 0.9518
• Pivot resistance is noted at 0.9608, 0.9625, 0.9653

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