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

USD/CHF

Overview
Today last price 0.915
Today Daily Change 0.0006
Today Daily Change % 0.07
Today daily open 0.9144
 
Trends
Daily SMA20 0.918
Daily SMA50 0.9134
Daily SMA100 0.9269
Daily SMA200 0.9477
 
Levels
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

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD bounces from 1.18 after robust German Manufacturing PMI

EUR/USD is trading above 1.18 after German Manufacturing PMI beat estimates. Other PMIs missed expectations. US fiscal stimulus and the election developments are eyed.

EUR/USD News

GBP/USD retreats amid mixed Brexit headlines

GBP/USD has retreated from the highs around 1.31 after UK minister Truss reiterated that the UK could leave without a deal. Ireland´s Coveney expressed more optimism. UK retail sales beat estimates while PMIs were mixed.

GBP/USD News

XAU/USD's reversal from $1,914 contained at $1,895 support area

Gold’s upside attempt witnessed during the Asian and European trading sessions has been halted at $1,914 on the Early US session as market sentiment plunged and the precious metal has dropped to find support at $1,895.

Gold News

Forex Today: Dollar clings to gains after the presidential debate, Bitcoin extends gains, PMIs eyed

The US dollar is holding onto Thursday's recovery, The presidential debate was more civilized than the previous one and post-event opinion polls are awaited. Earlier, hopes for a stimulus bill faded and allowed the dollar to recover. PMIs and COVID-19 statistics stand out on Friday.

Read more

WTI hits one-week low at $39.55 after Baker Hughes’ report

Front-month WTI futures’ reversal from day tops near $41 has extended to one-week lows at $39.55 on Friday after Baker Hughes reported that US oil and gas rigs increased to their highest level since May last week.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures