The Swiss franc extends its weekly gains to almost 1%, as shown by the USD\/CHF falling from weekly highs above 0.9700. Through the New York session as risk aversion pushed equities to negative territory and gave a fresh impulse to safe-haven assets, boosting the CHF.
The USD\/CHF extends to four, its fall from around the 50-day moving average (DMA), at that time around 0.9707, aiming towards the 0.9600 figure, for the first time since early June. At the time of writing, the USD\/CHF is trading at 0.9600.
The market sentiment shifted sour as US equities dwindled, trading in the red. The risk-off impulse boosted the Swiss franc, which has accumulated gains of almost 1% in the week, as the USD\/CHF has fallen from 09712 to the 0.9600 area. Nevertheless, the uptick of the greenback, as shown by the US Dollar Index, a gauge of the buck\u2019s value against a basket of six peers, gaining 0.24%, sitting at 104.440, capped any USD\/CHF falls.
From a daily chart perspective, the USD\/CHF remains neutral biased. However, once the Relative Strength Index (RSI) collapsed from overbought territory and broke below the RSI\u2019s 7-day SMA, it opened the door for further losses. Besides, the formation of a double top that has failed to be confirmed so far, unless the USD\/CHF breaches the necklines around 0.9544, will send the pair tumbling towards 0.9150.
Therefore, the USD\/CHF first support would be the 0.9600 figure. A breach of the latter would pave the way towards the double top neckline at 0.9544. Once cleared, the major\u2019s next support would be the 100-day moving average (DMA) around 0.9499.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Swiss franc extends its weekly gains to almost 1%, as shown by the USD\/CHF falling from weekly highs above 0.9700. Through the New York session as risk aversion pushed equities to negative territory and gave a fresh impulse to safe-haven assets, boosting the CHF.The USD\/CHF extends to four, its fall from around the 50-day …<\/p>\n","protected":false},"author":13,"featured_media":32638,"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":[7462,8168,7078],"class_list":["post-67592","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-forex-markets","category-market-updates","tag-market-sentiment","tag-safe-haven","tag-usd-chf"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/67592","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=67592"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/67592\/revisions"}],"predecessor-version":[{"id":67597,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/67592\/revisions\/67597"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/32638"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=67592"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=67592"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=67592"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}