USD/CHF hovers below 0.9000: Is a breakout imminent? – Crypto News – Crypto News
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USD/CHF eases from two-week high, fails ahead of 0.9600 mark amid risk-off mood USD/CHF eases from two-week high, fails ahead of 0.9600 mark amid risk-off mood

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USD/CHF hovers below 0.9000: Is a breakout imminent? – Crypto News

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2 years ago

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  • USD/CHF trades at 0.8963, just shy of the key 0.9000 level, after gaining 4.50% from its year-to-date low.
  • Buyers aim to reclaim the 0.9000 psychological mark and the 200-day Moving Average at 0.9039 for further upside.
  • Downside risks emerge if the pair falls below the September 14 daily low of 0.8914, targeting the 0.8900 mark and the 50-DMA at 0.8774.

The USD/CHF extended its gains in the week to five consecutive days and printed a new two-month high at 0.8977, yet it remains shy of reclaiming the 0.9000 figure. Nevertheless, the pair is set to continue its uptrend and challenge the 200-day Moving Average (DMA() at 0.9039 once buyers reclaim 0.9000. At the time of writing, the major is trading at 0.8963 after hitting a daily low of 0.8944.

The daily chart portrays the pair’s recovery after printing a new year-to-date (YTD) low of 0.8552. Since then, the USD/CHF has achieved gains of 4.50% as buyers stepped in and lifted the exchange rate to current levels. Even though buyers reclaimed the 50-DMA at 0.8774, they remain shy of remaining in charge unless they reclaim the psychological 0.9000 figure, followed by the 200-DMA at 0.9039. Once those areas are cleared, the next test would be the May 31 high at 0.9147.

Conversely, if the USD/CHF drops below the September 14 daily low of 0.8914, that would exacerbate a challenge of the 0.8900 mark. A breach of the latter, and the pair could aim toward the current week’s low of 0.8893, followed by the 50-DMA at 0.8774.

USD/CHF Price Action – Daily chart

USD/CHF Technical Levels

 

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