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USD/CHF sits near 2-week tops, around mid-0.9700s ahead of NFP

  • USD/CHF regains some positive traction on the last day of the week.
  • The prevailing risk-on mood, some USD strength remained supportive.
  • Bulls might be reluctant to place aggressive bets ahead of NFP report.

The USD/CHF pair edged higher through the early European session on Friday and is currently placed near two-week tops, around mid-0.9700s.

Following the previous session's brief pause, the pair managed to regain some positive traction on the last trading day of the week and was looking to build on its recent steady recovery from multi-month lows set on December 31st.

Upside seems limited ahead of NFP

The prevailing risk-on mood, supported by the de-escalation of geopolitical tensions in the Middle East and optimism over the US-China phase-one trade deal, weighed on the Swiss franc's safe-haven status and remained supportive.

It is worth recalling that the prospect of an imminent war between the US and Iran ebbed on Wednesday after the US President Donald Trump signalled that there will be no further military action against the Islamic Republic. 

This coupled with some follow-through US dollar appreciation collaborated to the pair's positive tone. However, a modest weakness in the US Treasury bond yields might turn out to be the only factor capping gains for the USD.

Moreover, investors' reluctance to place any aggressive bets ahead of the closely watched US monthly jobs report (NFP) might further collaborate towards keeping a lid on any runaway rally for the major, at least for the time being.

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