USD/CHF Bounces Back Ahead of Monthly Low
USD/CHF may continue to track the positive slope in the 50-Day SMA (0.8942) as it bounces back ahead of the monthly low (0.8998).
USD/CHF Rate Outlook
USD/CHF extends the advance from earlier this week to register a fresh monthly high (0.9153), with a break/close above 0.9180 (23.6% Fibonacci extension) bringing the October 2023 high (0.9245) on the radar.
A move above 70 in the Relative Strength Index (RSI) is likely to be accompanied by a further advance in USD/CHF like the price action from earlier this year, with the next area of interest coming in around the 2023 high (0.9440).
However, lack of momentum to further retrace the decline from the October 2023 high (0.9245) may keep the RSI below 70, with a breach below the monthly low (0.8998) raising the scope for a test of the moving average.
--- Written by David Song, Strategist at FOREX.com
USD/CHF Rate Outlook
USD/CHF extends the advance from earlier this week to register a fresh monthly high (0.9153), with a break/close above 0.9180 (23.6% Fibonacci extension) bringing the October 2023 high (0.9245) on the radar.
A move above 70 in the Relative Strength Index (RSI) is likely to be accompanied by a further advance in USD/CHF like the price action from earlier this year, with the next area of interest coming in around the 2023 high (0.9440).
However, lack of momentum to further retrace the decline from the October 2023 high (0.9245) may keep the RSI below 70, with a breach below the monthly low (0.8998) raising the scope for a test of the moving average.
--- Written by David Song, Strategist at FOREX.com