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USD/CHF recovers further from multi-month lows, moves beyond mid-0.9600s

  • USD/CHF gains some follow-through traction for the second consecutive session on Friday.
  • The prevailing risk-on mood weighed on the CHF’s safe-haven status and remained supportive.

The USD/CHF pair edged higher through the early European session on Friday and built on the previous session's modest rebound from multi-month lows.

The pair on Thursday staged a late rebound from the vicinity of the 0.9600 handle – the lowest level since September 2018 – and finally settled near the top end of its daily trading range, snapping five consecutive days of losing streak.

USD/CHF supported by the prevailing risk-on mood

The recovery momentum extended for the second consecutive session on Friday and was being supported by the prevailing risk-on environment, which tends to undermine demand for the Swiss franc's perceived safe-haven demand.

Improving global risk sentiment was further reinforced by a goodish pickup in the US Treasury bond yields, which helped the US dollar to add to the overnight upbeat data-led positive move and remained supportive of the steady recovery.

Currently hovering around the 0.9660 region, market participants now look forward to a slew of second-tier US economic data in order to grab some short-term trading opportunities later during the early North-American session.

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