USD/CHF Weakness Pushes RSI Back Towards Oversold Territory
USD/CHF trades to a fresh weekly low (0.8691) amid the reaction to the Federal Reserve interest rate decision.
USD/CHF Rate Outlook
USD/CHF may continue to give back the advance from the monthly low (0.8667) as it extends the series of lower highs and lows from earlier this week, with a break/close below 0.8590 (78.6% Fibonacci extension) raising the scope for a test of the July low (0.8553).
A move below 30 in the Relative Strength Index (RSI) may accompany a further decline in USD/CHF like the price action from late-November, with the next area of interest coming in around 0.8350 (100% Fibonacci extension).
However, the RSI may hold above oversold territory if USD/CHF defends the monthly low (0.8667), with a move above the 0.8760 (23.6% Fibonacci retracement) to 0.8770 (61.8% Fibonacci extension) region bringing the monthly high (0.8821) on the radar.
USD/CHF Rate Outlook
USD/CHF may continue to give back the advance from the monthly low (0.8667) as it extends the series of lower highs and lows from earlier this week, with a break/close below 0.8590 (78.6% Fibonacci extension) raising the scope for a test of the July low (0.8553).
A move below 30 in the Relative Strength Index (RSI) may accompany a further decline in USD/CHF like the price action from late-November, with the next area of interest coming in around 0.8350 (100% Fibonacci extension).
However, the RSI may hold above oversold territory if USD/CHF defends the monthly low (0.8667), with a move above the 0.8760 (23.6% Fibonacci retracement) to 0.8770 (61.8% Fibonacci extension) region bringing the monthly high (0.8821) on the radar.
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