U.S. Dollar / Swiss FrancUpdated USD/CHF Rebounds from Former-Resistance Zone
USD/CHF retraces the decline from the start of the month as it rebounds from the former-resistance zone around the February high (0.8886).
USD/CHF Rate Outlook
USD/CHF may test the monthly high (0.9036) as it initiates a series of higher highs and lows, with a break/close above the 0.9030 (38.2% Fibonacci extension) to 0.9040 (23.6% Fibonacci extension) zone raising the scope for a move towards 0.9180 (23.6% Fibonacci extension).
Next area of interest comes in around the May high (0.9225), but USD/CHF may face range bound conditions as the 50-Day SMA (0.9077) no longer reflects a positive slope.
Lack of momentum to break/close above the 0.9030 (38.2% Fibonacci extension) to 0.9040 (23.6% Fibonacci extension) zone push USD/CHF back towards the monthly low (0.8881), but failure to hold above the 0.8880 (38.2% Fibonacci retracement) to 0.8910 (38.2% Fibonacci extension) region may lead to a test of the 0.8770 (61.8% Fibonacci extension) to 0.8800 (50% Fibonacci extension) area.
--- Written by David Song, Strategist at FOREX.com
USD/CHF Rate Outlook
USD/CHF may test the monthly high (0.9036) as it initiates a series of higher highs and lows, with a break/close above the 0.9030 (38.2% Fibonacci extension) to 0.9040 (23.6% Fibonacci extension) zone raising the scope for a move towards 0.9180 (23.6% Fibonacci extension).
Next area of interest comes in around the May high (0.9225), but USD/CHF may face range bound conditions as the 50-Day SMA (0.9077) no longer reflects a positive slope.
Lack of momentum to break/close above the 0.9030 (38.2% Fibonacci extension) to 0.9040 (23.6% Fibonacci extension) zone push USD/CHF back towards the monthly low (0.8881), but failure to hold above the 0.8880 (38.2% Fibonacci retracement) to 0.8910 (38.2% Fibonacci extension) region may lead to a test of the 0.8770 (61.8% Fibonacci extension) to 0.8800 (50% Fibonacci extension) area.
--- Written by David Song, Strategist at FOREX.com
Note
USD/CHF revisits the former-resistance zone around the February high (0.8886) as it gives back the advance from the monthly low (0.8881).USD/CHF may snap the range bound price action from earlier this month if it fails to hold above the former-resistance zone around the February high (0.8886), with a close below the 0.8880 (38.2% Fibonacci retracement) to 0.8910 (38.2% Fibonacci extension) region raising the scope for a move towards the 0.8770 (61.8% Fibonacci extension) to 0.8800 (50% Fibonacci extension) area.
At the same time, USD/CHF may attempt to retrace the decline from the monthly high (0.9036) if the former-resistance zone around the February high (0.8886) continues to offer support, with a break/close above the 0.9030 (38.2% Fibonacci extension) to 0.9040 (23.6% Fibonacci extension) zone opening up 0.9180 (23.6% Fibonacci extension).
--- Written by David Song, Strategist at FOREX.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.