USD/CHF Price Analysis: Bounces off weekly-lows reclaims 0.9100 By christianborjon USDCHF Majors Technical Analysis
The rise of the 10-year US Treasury yield underpins the greenback.
USD/CHF is neutral biased, but a bullish-engulfing candle pattern may open the door for an upside move; otherwise, it could challenge August 2021 monthly lows. The USD/CHF snaps three straight days of losses, edges higher during the New York session, trading at 0.9139 at press time. A risk-off market mood, increased demand for safe-haven assets, usually benefits the CHF and the JPY, but not on Friday, with the USD recovering from earlier week losses.
The USD Dollar Index, a gauge of the greenback’s performance against six other currencies, advances som 0.29%, up to 95.96, underpinned by the 10-year benchmark note, which is rising 3.4 basis points, sitting at 1.754%.depicts the consolidation of the pair inside an ascending channel; even though it was “pierced” on the bottom trendline, USD bears have not achieved a daily close under 0.9080.price action, an upward move may be on the cards.
Contrarily, failure of the abovementioned scenario would keep the USD/CHF neutral-downward biased. Thefirst line of defense would be 0.9100. A breach of the latter would exert further downside pressure on the pair, exposing crucial support levels. The next one would be November 2, 2021, daily low at 0..9084, followed by August 4, 2021, cycle low at 0.9018.
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