USD/CHF extends the rebound from the August low (0.7986) to carve a series of higher highs and lows, and a move/close above the 0.8030 (38.2% Fibonacci extension) to 0.8080 (23.6% Fibonacci retracement) zone may push the exchange rate toward the August high (0.8172).
A move/close above 0.8200 (23.6% Fibonacci extension) opens up the June high (0.8250), with the next area of interest coming in around 0.8350 (100% Fibonacci extension) to 0.8360 (100% Fibonacci extension).
However, the recent rebound in USD/CHF may unravel if it struggles to push/close above the 0.8030 (38.2% Fibonacci extension) to 0.8080 (23.6% Fibonacci retracement) zone, and failure to hold above the August low (0.7986) brings 0.7900 (50% Fibonacci extension) on the radar.
--- Written by David Song, Senior Strategist at FOREX.com
A move/close above 0.8200 (23.6% Fibonacci extension) opens up the June high (0.8250), with the next area of interest coming in around 0.8350 (100% Fibonacci extension) to 0.8360 (100% Fibonacci extension).
However, the recent rebound in USD/CHF may unravel if it struggles to push/close above the 0.8030 (38.2% Fibonacci extension) to 0.8080 (23.6% Fibonacci retracement) zone, and failure to hold above the August low (0.7986) brings 0.7900 (50% Fibonacci extension) on the radar.
--- Written by David Song, Senior Strategist at FOREX.com
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