USD/CHF bounces back from two-week lows, trades above 0.9000

USD/CHF extends gains for the second successive day on improved Greenback.
US Dollar receives upward support as US bond yields improve.
Market participants price in multiple rate cuts by the end of the year 2024.

Akhtar Faruqui FXStreet

USD/CHF rebounds from the two-week low, extending gains for the second successive session near 0.9010 during the Early European hours on Tuesday. The pair receives upward support as the upbeat US Treasury yields support the US Dollar (USD) to halt its losses.

Switzerland's stable seasonally adjusted Unemployment Rate (MoM) at 2.1% in October seems to have a moderate impact on the Swiss Franc (CHF).

Moreover, the conflict between Israel and Hamas weighed on the USD/CHF pair as capital might have shifted towards the safe-haven CHF. However, the contained situation in the Middle East has improved market sentiment and could lead to a shift of capital from the Swiss Franc toward riskier assets.

US Dollar (USD) recovers recent losses on the back of improved US bond yields, bidding higher near 105.50. The 10-year US Treasury yield maintains its position at 4.65% by the press time.

The USD/CHF faced challenges as the US Federal Reserve (Fed) is expected to conclude its monetary policy tightening following the dovish Fed’s policy decision of keeping interest rates between 5.25% and 5.5% in the November meeting.

Additionally, the softening labor market of the United States (US) influences the traders to price in multiple rate cuts by the end of the year 2024, which could lead to the weakening of the Greenback.

USD/CHF: important levels to watch

Overview
Today last price	0.9006
Today Daily Change	0.0016
Today Daily Change %	0.18
Today daily open	0.899

Trends
Daily SMA20	0.9003
Daily SMA50	0.9004
Daily SMA100	0.89
Daily SMA200	0.9003

Levels
Previous Daily High	0.902
Previous Daily Low	0.8954
Previous Weekly High	0.9113
Previous Weekly Low	0.8966
Previous Monthly High	0.9244
Previous Monthly Low	0.8888
Daily Fibonacci 38.2%	0.8979
Daily Fibonacci 61.8%	0.8995
Daily Pivot Point S1	0.8955
Daily Pivot Point S2	0.8921
Daily Pivot Point S3	0.8889
Daily Pivot Point R1	0.9022
Daily Pivot Point R2	0.9054
Daily Pivot Point R3	0.9089

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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