USD/CHF jumps above 0.9150, outlook turns positive

The USD/CHF is rising for the fourth consecutive day on Thursdays. It accelerated the move higher after the European Central Bank (ECB) meeting. It is  |  29/10/2020 15:56
  • USD/CHF is having the best day in more than a month.
  • DXY rises above 94.00, to the highest in four weeks.

The USD/CHF is rising for the fourth consecutive day on Thursdays. It accelerated the move higher after the European Central Bank (ECB) meeting. It is trading at 0.9165, at the highest level since October 19.

The greenback remains strong across the board as market participants remain on caution mode. The DXY rose above 94.00, to the highest level in four weeks. Economic data from the US, came in better-than-expected, showing a decline in jobless claims and record growth during the second quarter.

The Swiss franc weakened further versus the US dollar following the European Central Bank decision and Lagarde’s press conference. Analysts at Wells Fargo point out Lagarde, and the accompanying comments “were notably dovish in tone, offering a very clear signal of further easing in December.”

Technical outlook

The USD/CHF climbed above the 20-day moving average for the first time since early October and is now testing the 0.9160/65 resistance area. A break higher could lead to a test of the 0.9200 level. Already a close around current levels would reinforce the, now bullish, short-term outlook. A slide back under 0.9120 would alleviate the bullish pressure, exposing the next support at 0.9085.

 

Share

Popular News

Show More Popular News

Market Insight's Views

Market Insight analyses will provide both fundamental and technical comprehensions on FX
and other asset classes for Market Insight viewers

RISK WARNING

The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

  • ForexF
  • IndicesI
  • CommoditiesC
        Back

        Login to Market Insight Account

        Your Market Insight account gives you access to the tools that we offer our customers including our
        Technical Studies & Sentiment for your accounts.

        Forgot Password?

        Don't you have a Market Insight account? With a few easy steps you can easily register to Market Insight

        Create a Market Insight's Account

        Your Market Insight account gives you access to the tools that we offer our customers including our Technical Studies & Sentiment for your accounts.

        register_ty

        Thank you!

        Welcome to Market Insight family!

        You have succesfully completed the registration.
        We will send you an e-mail to give you some
        instructions and our Terms and Conditions!
        Our account representatives will be contacting you as
        soon as possible. If you have any further questions
        please do not hesitate to mail us via info@marketinsight.com