USD/CHF spikes to daily tops beyond 1.0050 level

The USD/CHF pair's recovery momentum has picked-up pace, lifting it to fresh session tops beyond 1.0050 level.

The pair's latest leg of up-move could be attributed to a sharp greenback recovery. In fact, the key US Dollar Index is now placed at daily peaks near the 100.35 region and seems to be key factor driving the pair higher in the past hour or so. 

Meanwhile, possibilities of some stops being triggered on a sustained move back above 1.0030-35 area could also be one for the factor collaborating to the pair's sharp up-tick during early NA session.

Market now seems to have moved past overnight bearish comments by the US President Donald Trump, with a bout of greenback short-covering move acting as a key determinant of the pair's rebound from Asian session lows near the parity mark.

Up next would be the US macro data, which includes – the usual weekly jobless claims, the latest PPI print and Prelim UoM Consumer Sentiment, which would be looked upon for some fresh impetus. 

Technical levels to watch

A follow through buying interest has the potential to lift the pair back towards 100-day SMA hurdle near 1.0080 region, above which the momentum is likely to get extended towards the 1.0100 handle. On the flip side, 1.0030 level now becomes immediate support to defend, which if broken might drag the pair back towards parity mark ahead of 0.9985 horizontal support.