USD/CHF off-highs, but stays above 0.9900

The bid tone around the US dollar weakened a bit in the European morning, fuelling a retreat in the USD/CHF pair from eleven–day peaks.

USD/CHF supported at daily pivot (0.9894)

Currently, the USD/CHF pair trades 0.33% higher at 0.9913, extending its retreat from two-week highs reached at 0.9938 earlier on the day. The major trims gains, although remains within a close proximity to daily highs, mainly driven by sustained bullish momentum behind the greenback against its main competitors amid rising treasury yields.

Moreover, persisting risk-on trades, as reflected by broadly higher t-yields, continue to weigh on the safe-haven status of the Swiss franc, further adding to the upside in the major. Looking ahead, markets now await the Swiss PPI data due in the European session for fresh impetus on the spot.

USD/CHF Technical Levels

To the upside, the next resistance is located at 0.9938 (11-day high) and above which it could extend gains to 0.9958 (Oct 28 high) and 1.000 (parity) next. To the downside, immediate support might be located at 0.9894/82 (daily pivot/ 5-DMA) and below that 0.9847 (20-DMA) and from there to 0.9810/00 (10-DMA/ round number).