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"In observance of" is a perfectly valid and usable phrase in written English.
This phrase is used to introduce something that is being done in honor of or in recognition of a particular event, occasion, or person. For example: "In observance of National Donut Day, we are all going to enjoy some donuts together."
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In observance of Thanksgiving, Wheels will be taking a break over the long weekend.
In observance of Columbus Day, bond markets will be closed on Monday.
In observance of the 16th anniversary of theJuly 1995 massacre in Srebrenica, Bosnia,hundreds of victims were reburied Monday.
In observance of the Fourth of July holiday, stock and bond markets will be closed on Monday.
In observance of the New Year's holiday, the bond markets will close early at 2 p.m. on Monday.
In observance of the national MLK, Jr. holiday, please find the adjusted auction timeline for next week below.
It was in observance of Loyalty Day..
Markets are closed today in observance of Good Friday.
The stock markets were closed yesterday in observance of Christmas.
(The market was closed Friday in observance of Good Friday).
European markets were closed in observance of Easter Monday.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com