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Market News USD/CHF Price Analysis: A Fifth Consecutive Day Of Gains Extends Above The 200-DMA

USD/CHF Price Analysis: A Fifth Consecutive Day Of Gains Extends Above The 200-DMA

In a session near 0.9015, USD/CHF gained 0.07% after surpassing the 200-DMA at 0.9005. Declining commodity prices and gains on Wall Street indicate a movement towards riskier assets. The critical levels to monitor are the high of 0.9245 on October 3 and the low of 0.8744 on August 30.

TOP1 Markets Analyst
2023-10-31
9926

 USD:CHF 2.png

 

The USD/CHF pair extends its winning streak to five consecutive days by surpassing the 200-day moving average (DMA) at 0.9005. Buyers sustain the pair in positive territory, observing it linger near 0.9015, an increase of 0.07%.

 

Wall Street is experiencing positive trading conditions, with investors remaining unaffected by the conflict in the Middle East. Indeed, the depreciation of commodities is perceived as an indication that market participants are shifting their focus towards more volatile assets, which poses a challenge to the Swissie's status as a safe haven.

 

With the exception of this, the USD/CHF daily chart depicts the pair as having a neutral to upward bias, but it remains below the most recent cycle high of 0.9245, which was reached on October 3. Should purchasers surpass the latter level, the exchange rates would probably continue to rise in direction of the daily high of 0.9440 set on March 2.

 

Conversely, USD/CHF sellers could drive the pair towards the October 24 low of 0.8887 before retracing to the August 30 pivot low of 0.8744 if they dragged the spot price below 0.9000.

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