U.S. Dollar / Swiss FrancUpdated USD/CHF Upward Trend Remains Under Threat
USD/CHF attempts to retrace the decline from earlier this week as it bounces back from the 50-Day SMA (0.9086).
USD/CHF Rate Outlook
USD/CHF may continue to track the positive slope in the moving average as it no longer carves a series of lower highs and lows, with a breach above 0.9180 (23.6% Fibonacci extension) bringing the monthly high (0.9225) on the radar.
Next area of interest comes in around the October 2023 high (0.9245), but USD/CHF may continue to threaten the upward trend from earlier this year if it struggles to hold above the moving average.
Failure to hold above the 0.9030 (38.2% Fibonacci extension) to 0.9040 (23.6% Fibonacci extension) area may push USD/CHF towards the monthly low (0.8988), with the next region of interest coming in around 0.8880 (38.2% Fibonacci retracement) to 0.8910 (38.2% Fibonacci extension).
--- Written by David Song, Strategist at FOREX.com
USD/CHF Rate Outlook
USD/CHF may continue to track the positive slope in the moving average as it no longer carves a series of lower highs and lows, with a breach above 0.9180 (23.6% Fibonacci extension) bringing the monthly high (0.9225) on the radar.
Next area of interest comes in around the October 2023 high (0.9245), but USD/CHF may continue to threaten the upward trend from earlier this year if it struggles to hold above the moving average.
Failure to hold above the 0.9030 (38.2% Fibonacci extension) to 0.9040 (23.6% Fibonacci extension) area may push USD/CHF towards the monthly low (0.8988), with the next region of interest coming in around 0.8880 (38.2% Fibonacci retracement) to 0.8910 (38.2% Fibonacci extension).
--- Written by David Song, Strategist at FOREX.com
Note
6/4/2024USD/CHF tests the former-resistance zone around the February high (0.8886) as it extends the series of lower highs and lows from last week.
USD/CHF falls for the fourth consecutive day after failing to defend the upward trend from this year, with a break/close below the 0.8880 (38.2% Fibonacci retracement) to 0.8910 (38.2% Fibonacci extension) region opening up the 0.8770 (61.8% Fibonacci extension) to 0.8800 (50% Fibonacci extension) area.
Next region of interest comes in around the March low (0.8730), but USD/CHF may struggle to extend the bearish price series if the former-resistance zone around the February high (0.8886) starts to act as support.
A move back above the 0.9030 (38.2% Fibonacci extension) to 0.9040 (23.6% Fibonacci extension) zone may push USD/CHF towards 0.9180 (23.6% Fibonacci extension), with a breach above the May high (0.9225) bringing the October 2023 high (0.9245) back on the radar.
--- Written by David Song, Strategist at FOREX.com
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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.