USD/CHF holds steady above mid-0.9100s, closer to weekly tops

  • USD/CHF traded with a mild positive bias through the first half of the European session.
  • The uptick lacked any strong follow-through amid a softer tone around the greenback.
  • Sustained move beyond the 0.9160-65 needed to confirm any further appreciating move.

The USD/CHF pair was seen hovering near the top end of its weekly trading range, just above mid-0.9100s, albeit lacked any strong follow-through buying.

The pair struggled to capitalize on its goodish rebound from the 0.9085 region, or four-week lows and has been consolidating in a range over the past three trading session. The impasse over the next round of the US fiscal stimulus measures held the US dollar bulls from placing any aggressive bets. This, in turn, was seen as a key factor capping gains for the major.

Meanwhile, the downside seemed cushioned near 50-day SMA amid fresh coronavirus jitters, which continued lending some support to the greenback's status as the global reserve currency. Investors remain concerned that a steep rise in new coronavirus cases could lead to renewed lockdown measures and hinder global economic recovery.

From a technical perspective, the recent range-bound price action warrants some caution before placing any aggressive directional bets. However, the fact that the USD/CHF pair has found acceptance above 50-day SMA favours bullish traders and supports prospects for additional gains. However, bulls might still need to wait for some follow-through buying beyond the 0.9160-65 region before positioning for any further appreciating move towards the 0.9200 mark.

Market participants now look forward to the US monthly Retails Sales figures for some impetus. Friday's US economic docket also features the Industrial Production data and the preliminary estimate of the October Michigan Consumer Sentiment Index. This, along with the broader market risk sentiment might produce some short-term trading opportunities around the USD/CHF pair.

Technical levels to watch


Today last price 0.915
Today Daily Change 0.0006
Today Daily Change % 0.07
Today daily open 0.9144
Daily SMA20 0.918
Daily SMA50 0.9134
Daily SMA100 0.9269
Daily SMA200 0.9477
Previous Daily High 0.9155
Previous Daily Low 0.9127
Previous Weekly High 0.9203
Previous Weekly Low 0.9093
Previous Monthly High 0.9296
Previous Monthly Low 0.8999
Daily Fibonacci 38.2% 0.9144
Daily Fibonacci 61.8% 0.9138
Daily Pivot Point S1 0.9129
Daily Pivot Point S2 0.9114
Daily Pivot Point S3 0.9101
Daily Pivot Point R1 0.9157
Daily Pivot Point R2 0.917
Daily Pivot Point R3 0.9186



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