USD/CHF Rally Stalls Ahead of 2024 High
The recent rally in USD/CHF seems to have stalled ahead of the 2024 high (0.9225) as it halts a four-day rally.
USD/CHF Rate Outlook
USD/CHF falls back from the weekly high (0.9138) to pull the Relative Strength Index (RSI) back from overbought territory, and the move below 70 in the oscillator may accompany a further decline in the exchange rate like the price action from last year.
Failure to extend the recent series of higher highs and lows may push USD/CHF back towards the 0.9230 (38.2% Fibonacci extension) to 0.9240 (23.6% Fibonacci extension) region, with the next area of interest coming in around 0.8880 (38.2% Fibonacci retracement) to 0.8910 (38.2% Fibonacci extension).
Nevertheless, USD/CHF may track the positive slope in the 50-Day SMA (0.8850) as it holds above the moving average but need a breach above 0.9180 (23.6% Fibonacci extension) to bring the 2024 high (0.9225) on the radar.
--- Written by David Song, Senior Strategist at FOREX.com
USD/CHF Rate Outlook
USD/CHF falls back from the weekly high (0.9138) to pull the Relative Strength Index (RSI) back from overbought territory, and the move below 70 in the oscillator may accompany a further decline in the exchange rate like the price action from last year.
Failure to extend the recent series of higher highs and lows may push USD/CHF back towards the 0.9230 (38.2% Fibonacci extension) to 0.9240 (23.6% Fibonacci extension) region, with the next area of interest coming in around 0.8880 (38.2% Fibonacci retracement) to 0.8910 (38.2% Fibonacci extension).
Nevertheless, USD/CHF may track the positive slope in the 50-Day SMA (0.8850) as it holds above the moving average but need a breach above 0.9180 (23.6% Fibonacci extension) to bring the 2024 high (0.9225) on the radar.
--- Written by David Song, Senior 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.