USD/CHF Rebound Keeps RSI Above 30
USD/CHF rebounds from a fresh monthly low (0.8820) to keep the Relative Strength Index (RSI) above 30.
USD/CHF Rate Outlook
Keep in mind, the recovery in USD/CHF takes shape after it failed to defend the June low (0.8827), with the 50-Day SMA (0.8993) now reflecting a negative slope following the decline from earlier this month.
Nevertheless, USD/CHF may stage a larger rebound as the RSI moves away from oversold territory, with a move above the 0.8880 (38.2% Fibonacci retracement) to 0.8910 (38.2% Fibonacci extension) region bringing the moving average on the radar.
Next area of interest coming in around 0.9030 (38.2% Fibonacci extension) to 0.9040 (23.6% Fibonacci extension) but USD/CHF may struggle to retain the advance from earlier this year should it track the negative slope in the moving average.
--- Written by David Song, Strategist at FOREX.com
USD/CHF Rate Outlook
Keep in mind, the recovery in USD/CHF takes shape after it failed to defend the June low (0.8827), with the 50-Day SMA (0.8993) now reflecting a negative slope following the decline from earlier this month.
Nevertheless, USD/CHF may stage a larger rebound as the RSI moves away from oversold territory, with a move above the 0.8880 (38.2% Fibonacci retracement) to 0.8910 (38.2% Fibonacci extension) region bringing the moving average on the radar.
Next area of interest coming in around 0.9030 (38.2% Fibonacci extension) to 0.9040 (23.6% Fibonacci extension) but USD/CHF may struggle to retain the advance from earlier this year should it track the negative slope in the moving average.
--- Written by David Song, Strategist at FOREX.com
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.