USD/CHF Reverses Ahead of March Low
USD/CHF appears to be reversing ahead of the March low (0.8730) as it extends the rebound from the monthly low (0.8777).
USD/CHF Rate Outlook
USD/CHF rallies for the second day following the failed attempt to close below the 0.8770 (61.8% Fibonacci extension) to 0.8800 (50% Fibonacci extension) region, with a breach above the 0.8880 (38.2% Fibonacci retracement) to 0.8910 (38.2% Fibonacci extension) area raising the scope for a move towards the 50-Day SMA (0.8965).
Next region of interest comes in around 0.9030 (38.2% Fibonacci extension) to 0.9040 (23.6% Fibonacci extension) but USD/CHF may track the negative slope in the moving average should it struggle to extend the recent series of higher highs and lows.
A close below the 0.8770 (61.8% Fibonacci extension) to 0.8800 (50% Fibonacci extension) region opens up the March low (0.8730), with the next area of interest coming in around 0.8550 (78.6% Fibonacci extension) to 0.8590 (78.6% Fibonacci extension).
--- Written by David Song, Strategist at FOREX.com
USD/CHF Rate Outlook
USD/CHF rallies for the second day following the failed attempt to close below the 0.8770 (61.8% Fibonacci extension) to 0.8800 (50% Fibonacci extension) region, with a breach above the 0.8880 (38.2% Fibonacci retracement) to 0.8910 (38.2% Fibonacci extension) area raising the scope for a move towards the 50-Day SMA (0.8965).
Next region of interest comes in around 0.9030 (38.2% Fibonacci extension) to 0.9040 (23.6% Fibonacci extension) but USD/CHF may track the negative slope in the moving average should it struggle to extend the recent series of higher highs and lows.
A close below the 0.8770 (61.8% Fibonacci extension) to 0.8800 (50% Fibonacci extension) region opens up the March low (0.8730), with the next area of interest coming in around 0.8550 (78.6% Fibonacci extension) to 0.8590 (78.6% Fibonacci extension).
--- Written by David Song, Strategist at FOREX.com
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