USD/CHF Breakout Eyes Monthly High
USD/CHF may retrace the decline from the monthly high (0.8893) as it breaks out of the range bound price action from earlier this week.
USD/CHF Rate Outlook
USD/CHF trades to a fresh weekly high (0.8840) following the string of failed attempt to close below the 0.8770 (61.8% Fibonacci extension) to 0.8800 (50% Fibonacci extension) region, and the exchange rate may track the positive slope in the 50-Day SMA (0.8715) as it bounces back ahead of the moving average.
A break/close above the 0.8880 (38.2% Fibonacci retracement) to 0.8910 (38.2% Fibonacci extension) area opens up the 0.9030 (38.2% Fibonacci extension) to 0.9040 (23.6% Fibonacci extension) region, but failure to clear the monthly high (0.8893) may keep USD/CHF within the March range.
--- Written by David Song, Strategist
USD/CHF Rate Outlook
USD/CHF trades to a fresh weekly high (0.8840) following the string of failed attempt to close below the 0.8770 (61.8% Fibonacci extension) to 0.8800 (50% Fibonacci extension) region, and the exchange rate may track the positive slope in the 50-Day SMA (0.8715) as it bounces back ahead of the moving average.
A break/close above the 0.8880 (38.2% Fibonacci retracement) to 0.8910 (38.2% Fibonacci extension) area opens up the 0.9030 (38.2% Fibonacci extension) to 0.9040 (23.6% Fibonacci extension) region, but failure to clear the monthly high (0.8893) may keep USD/CHF within the March range.
--- Written by David Song, Strategist