USD / CHF continues to rise towards the 0.9200 level

  • USD / CHF is up for the third day in a row on Wednesday.
  • The DXY US Dollar Index fluctuates within a narrow range below 93.00.
  • Market action is expected to remain subdued in the second half of the day.

After closing the first two days of the week in positive territory, USD / CHF retains its bullish momentum and has reached a new weekly high at 0.9183 on Wednesday. At time of writing, the pair is up 0.23% on the day at 0.9173.

DXY Index Consolidates Weekly Gains Below 93.00 Level

Following a surge in risk appetite triggered on Monday by optimism about coronavirus news, market action has turned subdued in the absence of fundamentals. But nevertheless, Rising US Treasury yields have helped the dollar stay resilient against rivals and allowed USD / CHF to move higher. The 10-year US Treasury yield has gained more than 20% in the last three trading days and the DXY US Dollar Index is holding on to modest daily gains near the 92.90 level at time of writing.

Meanwhile, market sentiment remains bullish on Wednesday with the major European stock indices trading in positive territory.

No macroeconomic data to be released on the US economic calendar US bond markets will be closed for the Veterans Day holiday on Wednesday and volatility is likely to remain low in the second half of the day .

On Thursday, weekly data on initial jobless claims and the US October CPI consumer price index will focus the attention of investors in search of new catalysts.

Credits: Forex Street

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