USD/CHF Price Analysis: Extends gains for fifth-day hovers above 200-DMA
- USD/CHF up 0.07%, trading around 0.9015, after breaching 200-DMA at 0.9005.
- Wall Street gains and falling commodity prices indicate a shift towards riskier assets.
- Key levels to watch are October 3, high at 0.9245, and August 30, low at 0.8744.
USD/CHF prolongs its gains to five consecutive days, breaching the 200-day moving average (DMA) at 0.9005, with buyers maintaining the pair in positive territory, up 0.07%, hovering around the 0.9015 area.
Wall Street trades with gains, with traders unfazed by the Middle East conflict. In fact, falling commodity prices are seen as a sign that market players are looking toward riskier assets, a headwind for the safe-haven status of the Swissie.
Aside from this, the USD/CHF daily chart portrays the pair as neutral to upward biased but shy of breaking the latest cycle high reached on October 3, at 0.9245. If buyers lift the exchange rates past the latter, the uptrend would likely extend toward the March 2 daily high at 0.9440.
On the other hand, if USD/CHF sellers moved in and dragged the spot price below 0.9000, they could push the pair toward the October 24 low of 0.8887 before falling to the August 30 pivot low of 0.8744.
USD/CHF Price Action – Daily chart
USD/CHF Technical Levels
Author
Christian Borjon Valencia
FXStreet
Christian Borjon began his career as a retail trader in 2010, mainly focused on technical analysis and strategies around it. He started as a swing trader, as he used to work in another industry unrelated to the financial markets.
