USD/CHF recovery attempts stall below 0.9090 resistance area

US dollar upside attempts stall below 0.9090.
USD remains at recent levels despite the strong risk aversion.
USD/CHF fails to put distance from multi-year lows at 0.9000.

Guillermo Alcala FXStreet

The US dollar is attempting to pick up from levels near multi-year lows, at 0.9000 against the Swiss franc. The pair has picked up to the upper range of 0.9000 on Monday, although upside attempts are missing traction to break resistance at 0.9090/0.9100 area.

US dollar appreciates on coronavirus concerns

The greenback is outperforming its main rivals on Monday fuelled by a strong risk-averse sentiment amid the global increase of COVID-19 infections. News reports about France and the US showing record numbers of infections and Spain declaring the second state of emergency this hear have dampened market mood, which has reflected on a rush for safety tat has boosted demand for the US dollar.

Upbeat reports about the progress on the Oxford/AstraZeneca vaccine, which has shown a strong immune response in elderly patients has failed to brighter market sentiment. European equity markets have closed with solid losses and the main Wall Street indexes are printing declines beyond 2% with investors rushing away from risk.

USD/CHF remains dangerously close to multi-year lows at 0.9000

From a technical perspective, the pair remains in a negative trend from late September highs at 0.9300, with immediate support at 0.9030 (October 21 low) before 0.9000 (September 1 low), below here, the pair would tread into levels unseen since early 2015.

On the upside, the USD should break above 0.9090 (October 23 lows) to ease bearish pressure and aim towards the 50-day SMA, now at 0.9125 and then to mid-October highs at 0.9160.

Technical levels to watch

USD/CHF

Overview
Today last price	0.9074
Today Daily Change	0.0030
Today Daily Change %	0.33
Today daily open	0.9044

Trends
Daily SMA20	0.9141
Daily SMA50	0.9128
Daily SMA100	0.9237
Daily SMA200	0.9459

Levels
Previous Daily High	0.9092
Previous Daily Low	0.9034
Previous Weekly High	0.9166
Previous Weekly Low	0.9031
Previous Monthly High	0.9296
Previous Monthly Low	0.8999
Daily Fibonacci 38.2%	0.9057
Daily Fibonacci 61.8%	0.907
Daily Pivot Point S1	0.9021
Daily Pivot Point S2	0.8999
Daily Pivot Point S3	0.8964
Daily Pivot Point R1	0.9079
Daily Pivot Point R2	0.9115
Daily Pivot Point R3	0.9137

Author

Guillermo Alcala

FXStreet

Graduated in Communication Sciences at the Universidad del Pais Vasco and Universiteit van Amsterdam, Guillermo has been working as financial news editor and copywriter in diverse Forex-related firms, like FXStreet and Kantox.

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