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Market News Is a Breakout Imminent As USD/CHF Hovers Below 0.90?

Is a Breakout Imminent As USD/CHF Hovers Below 0.90?

The USD/CHF exchange rate is 0.8963, just below the key 0.9000 level, after gaining 4.50 percent from its yearly low. For further gains, buyers hope to reclaim the psychological 0.9000 level and the 200-day moving average at 0.9039. If the pair falls below the daily low of 0.8914 on September 14, downside risks arise with 0.8900 and the 50-day simple moving average (SMA) at 0.8774 as potential targets.

TOP1 Markets Analyst
2023-09-18
8879

USD:CHF 2.png 

 

The USD/CHF prolonged its weekly gains to five consecutive days and reached a new two-month high at 0.8977, but it has yet to reclaim the 0.9000 level. Nevertheless, the pair is poised 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 currency is trading at 0.8963, having touched a daily low of 0.8944.

 

The daily chart depicts the pair's recovery after reaching a new yearly low of 0.8552. Since then, purchasers have increased the USD/CHF exchange rate by 4.50 percent, bringing it to its current levels. Even though purchasers reclaimed the 50-day simple moving average at 0.8774, they are unable to regain control until they reclaim the psychological 0.9000 level, followed by the 200-day simple moving average at 0.9039. Once these regions are cleared, the next test would be the high from May 31 of 0.9147.

 

In contrast, if the USD/CHF falls below the 14 September daily low of 0.8914, this would intensify the challenge to the 0.8900 level. In the event of a breach of the latter, the pair may target the weekly low of 0.8893, followed by the 50-day simple moving average at 0.8774.

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