USD/CHF retakes 0.9800 mark, 1-1/2 month tops
- USD/CHF continues to gain traction for the third consecutive session on Friday.
- Fading safe-haven demand weighed on the Swiss franc and remained supportive.
- Investors now look forward to the US economic data for some trading impetus.
The USD/CHF pair climbed to 1-1/2 month tops during the early European session on Friday and was now seen extending the momentum further beyond the 0.9800 round-figure mark.
The pair extended its recent strong bullish momentum and continued gaining some follow-through traction for the third consecutive session on Friday – also marking its ninth day of a positive move in the previous ten.
Bulls remain in control
Despite growing concerns over the economic impact of the deadly coronavirus, some stability in the global financial markets weighed on the Swiss franc's safe-haven status and continued driving the pair higher.
This coupled with the fact that the US dollar remained well supported near multi-month tops, around the 99.00 mark, provided an additional boost and remained supportive of the ongoing upward trajectory.
Meanwhile, bulls seemed rather unaffected by sliding US Treasury bond yields, which might cap any further USD gains and eventually keep a lid on any subsequent positive move, at least for the time being.
Moving ahead, market participants now look forward to the US macro data – monthly retail sales figures and the Michigan Consumer Sentiment Index – for some short-term impetus on the last trading day of the week.
Technical levels to watch