USD/CHF Weakness Pushes RSI Towards Oversold Territory
USD/CHF extends the series of lower highs and lows from last week to breach the September low (0.8796).
USD/CHF Rate Outlook
At the same time, the Relative Strength Index (RSI) approaches oversold territory as USD/CHF registers a fresh monthly low (0.8794), with a move below 30 in the oscillator likely to be accompanied by a further decline in the exchange rate like the price action from earlier this year.
A break/close below the 0.8760 (23.6% Fibonacci retracement) to 0.8770 (61.8% Fibonacci extension) region opens up the August low (0.8691), with the next area of interest coming in around 0.8590 (78.6% Fibonacci extension).
Nevertheless, lack of momentum to break/close below the 0.8760 (23.6% Fibonacci retracement) to 0.8770 (61.8% Fibonacci extension) region may keep the RSI above 30, but need a break/close above the 0.8890 (38.2% Fibonacci retracement) to 0.8930 (23.6% Fibonacci retracement) area to open up the 0.9000 (50% Fibonacci retracement) to 0.9030 (38.2% Fibonacci extension) zone.
USD/CHF Rate Outlook
At the same time, the Relative Strength Index (RSI) approaches oversold territory as USD/CHF registers a fresh monthly low (0.8794), with a move below 30 in the oscillator likely to be accompanied by a further decline in the exchange rate like the price action from earlier this year.
A break/close below the 0.8760 (23.6% Fibonacci retracement) to 0.8770 (61.8% Fibonacci extension) region opens up the August low (0.8691), with the next area of interest coming in around 0.8590 (78.6% Fibonacci extension).
Nevertheless, lack of momentum to break/close below the 0.8760 (23.6% Fibonacci retracement) to 0.8770 (61.8% Fibonacci extension) region may keep the RSI above 30, but need a break/close above the 0.8890 (38.2% Fibonacci retracement) to 0.8930 (23.6% Fibonacci retracement) area to open up the 0.9000 (50% Fibonacci retracement) to 0.9030 (38.2% Fibonacci extension) zone.
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.