The Swiss franc benefits amid a risk-off market mood, as reflected by the USD\/CHF down 0.25%. Falling US Treasury yields, led by the 10-year, underpin the USD\/CHF pair.
Overnight, the USD\/CHF reached a daily high at 0.9357, but a risk-off market mood, which benefitted the low-yielder Swiss franc, impeded USD bulls to reclaim the neckline of an inverted head-and-shoulders pattern forming in the 4-hour chart. At 0.9304, the USD\/CHF slides and aims to test the 0.9300 mark.
Risk-aversion is back, as reflected by global equities, which could not shrug off Russia-Ukraine tensions. Meanwhile, the US Dollar Index, a gauge of the greenback\u2019s value against a basket of its rivals, advances 0.22%, sitting at 98.637 but failing to underpin the USD\/CHF. US Treasury yields are dropping from weekly highs, led by the 10-year benchmark note falling six basis points down at 2.306%.
From the daily chart perspective, the USD\/CHF is upward biased. However, USD bulls faltering to keep the exchange rate above 0.9343 exposed the pair to the 0.9297-0.9343 range.
The USD\/CHF is also upward biased from an intraday perspective, as depicted by the simple moving averages (SMAs) in a bullish order. However, the 50-SMA lies above the spot price at 0.9360, almost confluence with the neckline of the inverted head-and-shoulders, acting as the first resistance level.
It is worth noting that an inverted head-and-shoulders pattern could be forming, but the USD\/CHF would need to break upwards to confirm the right-shoulder formation. That said, the USD\/CHF first resistance would be an upslope trendline drawn from March 7 lows, around 0.9320.
Breach of the latter could push the price towards the 50-SMA at 0.9360. A decisive break would expose the inverted head-and-shoulders neckline near November 24, 2021, cycle high around 0.9360-75, followed by the 0.9400 mark.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Swiss franc benefits amid a risk-off market mood, as reflected by the USD\/CHF down 0.25%. Falling US Treasury yields, led by the 10-year, underpin the USD\/CHF pair.Overnight, the USD\/CHF reached a daily high at 0.9357, but a risk-off market mood, which benefitted the low-yielder Swiss franc, impeded USD bulls to reclaim the neckline of …<\/p>\n","protected":false},"author":13,"featured_media":56118,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[37,36],"tags":[7978,6984,6871,7078],"class_list":["post-62571","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-forex-markets","category-market-updates","tag-risk-sentiment","tag-treasury-yields","tag-usd","tag-usd-chf"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/62571","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=62571"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/62571\/revisions"}],"predecessor-version":[{"id":62575,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/62571\/revisions\/62575"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/56118"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=62571"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=62571"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=62571"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}