USD/CHF Clears June High
USD/CHF clears the June high (0.9036) as it extends the advance from the start of the week.
USD/CHF Rate Outlook
Keep in mind, the recent advance in USD/CHF has kept the Relative Strength Index (RSI) out of oversold territory, and the oscillator may show the bullish momentum gathering pace as it climbs to its highest level since May.
A close above the 0.9030 (38.2% Fibonacci extension) to 0.9040 (23.6% Fibonacci extension) zone brings the May high (0.9174) on the radar, with the next area of interest comes in around 0.9180 (23.6% Fibonacci extension).
However, lack of momentum to close above the 0.9030 (38.2% Fibonacci extension) to 0.9040 (23.6% Fibonacci extension) zone may curb the recent advance in USD/CHF, and failure to hold above the weekly low (0.8980) may push the exchange rate back towards the 0.8880 (38.2% Fibonacci retracement) to 0.8910 (38.2% Fibonacci extension) region.
--- Written by David Song, Strategist at FOREX.com
USD/CHF Rate Outlook
Keep in mind, the recent advance in USD/CHF has kept the Relative Strength Index (RSI) out of oversold territory, and the oscillator may show the bullish momentum gathering pace as it climbs to its highest level since May.
A close above the 0.9030 (38.2% Fibonacci extension) to 0.9040 (23.6% Fibonacci extension) zone brings the May high (0.9174) on the radar, with the next area of interest comes in around 0.9180 (23.6% Fibonacci extension).
However, lack of momentum to close above the 0.9030 (38.2% Fibonacci extension) to 0.9040 (23.6% Fibonacci extension) zone may curb the recent advance in USD/CHF, and failure to hold above the weekly low (0.8980) may push the exchange rate back towards the 0.8880 (38.2% Fibonacci retracement) to 0.8910 (38.2% Fibonacci extension) region.
--- Written by David Song, Strategist at FOREX.com
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