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
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