As far as Monday forex sessions go, today has been a quiet one. Trading ranges are tight across the majors and do not appear to be opening up anytime soon. Most of the action is directed at equities, with traders taking a risk-on stance to open the week. Safe havens are stagnant, with GOLD, the USD/JPY, and USD/CHF trading flat. All in all, the game is on and it appears to be equities-driven.

Earlier, the weekly short-term U.S. Treasury auction was held and demand for bonds fell. Yields on both the 3 and 6-Month T-bill rose modestly, bucking the year-long trend of 2019. At this point, it appears that risk is in vogue and safe-havens are last summer’s news.

USD/CHF: Technical Outlook

For the better part of the fall season, the USD/CHF has been on a measured descent. Rates have plunged from above par to the neighborhood of 0.9800. At this point, it looks like big-round-numbers are dictating trade in the Swissy.

Here are the key levels to watch in the USD/CHF for the near future:

• Resistance(1): Daily SMA, 0.9891
• Support(1): Psyche Level, 0.9800

Overview: This week’s economic calendar is relatively vacant. No primary market movers for the USD are scheduled until Friday’s Q3 GDP release. Ultimately, it may be a modest week of participation for the USD/CHF. As has been the case all year long, any headlines from the U.S./China trade war front will loom large across the forex majors.