USD/CHF Rebounds from Former-Resistance Zone
Aktualisiert
USD/CHF retraces the decline from the start of the month as it rebounds from the former-resistance zone around the February high (0.8886).
USD/CHF Rate Outlook
USD/CHF may test the monthly high (0.9036) as it initiates a series of higher highs and lows, with a break/close above the 0.9030 (38.2% Fibonacci extension) to 0.9040 (23.6% Fibonacci extension) zone raising the scope for a move towards 0.9180 (23.6% Fibonacci extension).
Next area of interest comes in around the May high (0.9225), but USD/CHF may face range bound conditions as the 50-Day SMA (0.9077) no longer reflects a positive slope.
Lack of momentum to break/close above the 0.9030 (38.2% Fibonacci extension) to 0.9040 (23.6% Fibonacci extension) zone push USD/CHF back towards the monthly low (0.8881), but failure to hold above the 0.8880 (38.2% Fibonacci retracement) to 0.8910 (38.2% Fibonacci extension) region may lead to a test of the 0.8770 (61.8% Fibonacci extension) to 0.8800 (50% Fibonacci extension) area.
--- Written by David Song, Strategist at FOREX.com
USD/CHF Rate Outlook
USD/CHF may test the monthly high (0.9036) as it initiates a series of higher highs and lows, with a break/close above the 0.9030 (38.2% Fibonacci extension) to 0.9040 (23.6% Fibonacci extension) zone raising the scope for a move towards 0.9180 (23.6% Fibonacci extension).
Next area of interest comes in around the May high (0.9225), but USD/CHF may face range bound conditions as the 50-Day SMA (0.9077) no longer reflects a positive slope.
Lack of momentum to break/close above the 0.9030 (38.2% Fibonacci extension) to 0.9040 (23.6% Fibonacci extension) zone push USD/CHF back towards the monthly low (0.8881), but failure to hold above the 0.8880 (38.2% Fibonacci retracement) to 0.8910 (38.2% Fibonacci extension) region may lead to a test of the 0.8770 (61.8% Fibonacci extension) to 0.8800 (50% Fibonacci extension) area.
--- Written by David Song, Strategist at FOREX.com
Anmerkung
USD/CHF revisits the former-resistance zone around the February high (0.8886) as it gives back the advance from the monthly low (0.8881).USD/CHF may snap the range bound price action from earlier this month if it fails to hold above the former-resistance zone around the February high (0.8886), with a close below the 0.8880 (38.2% Fibonacci retracement) to 0.8910 (38.2% Fibonacci extension) region raising the scope for a move towards the 0.8770 (61.8% Fibonacci extension) to 0.8800 (50% Fibonacci extension) area.
At the same time, USD/CHF may attempt to retrace the decline from the monthly high (0.9036) if the former-resistance zone around the February high (0.8886) continues to offer support, with a break/close above the 0.9030 (38.2% Fibonacci extension) to 0.9040 (23.6% Fibonacci extension) zone opening up 0.9180 (23.6% Fibonacci extension).
--- Written by David Song, Strategist at FOREX.com
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