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USDCHF climbs further beyond mid-0.9800s, hitting 3-week tops

GKFX | Aug. 23, 2019
USDCHF climbs further beyond mid-0.9800s, hitting 3-week tops

The USDCHF pair continued scaling higher through the early European session on Friday and climbed further beyond mid-0.9800s, hitting three-week tops in the last hour.

23 August 2019, GKFX – A combination of supporting factors assisted the pair to build on its recent recovery from yearly lows and gain a follow-through positive traction for the third consecutive session on Friday - also marking the sixth day of a positive move in the previous seven.

USDCHF fundamental highlights

The prevalent risk-on mood - as depicted by a positive mood across global equity markets - was seen denting demand for traditional safe-haven currencies - including the Swiss Franc - and continued fueling the ongoing positive momentum around the major.
 
Improving risk sentiment was further reinforced by a goodish pickup in the US Treasury bond yields, which helped the US Dollar to catch some fresh bid and further collaborated to the pair's up-move to the 0.9870 region ahead of Friday's key event risk.
 
The Fed Chair Jerome Powell is scheduled to speak at Jackson Hole Symposium and his comments will be closely scrutinized for clues about the US central bank's near-term policy outlook, which might help determine the pair's next leg of a directional move.
 
Given that another rate cut in the September meeting is fully priced in, should Powell refrain from signaling aggressive policy easing, the USD is more likely to build on its recent strength and pave the way for an extension of the pair's recent bullish trajectory.

Disclaimer

This article was provided by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice. If such information is acted upon by you, then this should be solely at your discretion, and GKFX will not be held accountable in any way.

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