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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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.