USD/CHF Pulls Back to Keep RSI Out of Overbought Zone
USD/CHF gives back the advance from earlier this week to keep the Relative Strength Index (RSI) out of overbought zone.
USD/CHF Rate Outlook
In turn, failure to test the October 2023 high (0.9245) may curb the recent series of higher highs and lows in USD/CHF, with a breach below the weekly low (0.9089) bringing the 0.9030 (38.2% Fibonacci extension) to 0.9040 (23.6% Fibonacci extension) region on the radar.
Next area of interest comes in around the April low (0.8998), but USD/CHF may stage further attempts to test the October 2023 high (0.9245) should it continue to track the positive slope in the 50-Day SMA (0.8976).
A breach above the October 2023 high (0.9245) opens up the March 2023 high (0.9440), with the next region of interest coming in around 0.9540 (50% Fibonacci retracement).
--- Written by David Song, Strategist at FOREX.com
USD/CHF Rate Outlook
In turn, failure to test the October 2023 high (0.9245) may curb the recent series of higher highs and lows in USD/CHF, with a breach below the weekly low (0.9089) bringing the 0.9030 (38.2% Fibonacci extension) to 0.9040 (23.6% Fibonacci extension) region on the radar.
Next area of interest comes in around the April low (0.8998), but USD/CHF may stage further attempts to test the October 2023 high (0.9245) should it continue to track the positive slope in the 50-Day SMA (0.8976).
A breach above the October 2023 high (0.9245) opens up the March 2023 high (0.9440), with the next region of interest coming in around 0.9540 (50% Fibonacci retracement).
--- Written by David Song, Strategist at FOREX.com
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