USD/CHF surrenders early gains to 6-week tops, focus remains on NFP

  •  USD continues to gain traction on easing global trade-war fears.
  •  Reviving safe-haven demand prompts some profit-taking at higher levels.
  •  Investors now eye the US monthly jobs report for fresh impetus. 

The USD/CHF pair extended previous session's bullish momentum and built on its momentum further beyond the key 0.9500 psychological mark. 

Against the backdrop of easing global trade-war fears, a follow-through US Dollar buying interest helped the pair to build on its recent up-move from last Friday's swing low level of 0.9338. 

However, a cautious opening across European bourses, which tends to underpin the Swiss Franc's safe-haven demand, capped the up-move, with the pair now reversing a major part of its early gains to currently trade around the 0.9515-10 region. 

Heading into today's key event risk, traders also seemed inclined to lighten their bullish bets and also seemed as one of the factors behind the pair's intraday retracement. 

Nevertheless, the pair still remains on track to record its third consecutive week of gains and also for its highest weekly closing since late-Jan. as investors now look forward to the release of keenly watched US non-farm payrolls data, popularly known as NFP, for some fresh impetus. 

Technical levels to watch

A follow-through retracement back below the 0.9500 handle could get extended towards 0.9470 horizontal support en-route 0.9440-30 strong horizontal support. On the upside, any further up-move is likely to confront immediate resistance near the 0.9565-70 region, above which the pair seems all set to head towards reclaiming the 0.9600 handle.