USD/CHF Forecast: RSI Divergence Emerges
USD/CHF cleared the January low (0.8401) earlier this month to register a fresh yearly low (0.8375), but the Relative Strength Index (RSI) appears to be diverging with price as it holds above 30.
USD/CHF Rate Outlook
The recent rebound in USD/CHF may end up short-lived as it appears to be tracking the negative slope in the 50-Day SMA (0.8700), with a breach below the 0.8350 (100% Fibonacci extension) to 0.8360 (100% Fibonacci extension) region opening up the December low (0.8333).
Next area of interest comes in around 0.8080 (23.6% Fibonacci retracement) but the RSI may show the bearish momentum abating should it continue to move away from oversold territory.
In turn, USD/CHF may retrace the decline from the monthly high (0.8538) should it struggle to break/close below the 0.8350 (100% Fibonacci extension) to 0.8360 (100% Fibonacci extension) region but need a move above the 0.8550 (78.6% Fibonacci extension) to 0.8590 (78.6% Fibonacci extension) area to bring 0.8700 (61.8% Fibonacci extension) on the radar.
--- Written by David Song, Strategist at FOREX.com
USD/CHF Rate Outlook
The recent rebound in USD/CHF may end up short-lived as it appears to be tracking the negative slope in the 50-Day SMA (0.8700), with a breach below the 0.8350 (100% Fibonacci extension) to 0.8360 (100% Fibonacci extension) region opening up the December low (0.8333).
Next area of interest comes in around 0.8080 (23.6% Fibonacci retracement) but the RSI may show the bearish momentum abating should it continue to move away from oversold territory.
In turn, USD/CHF may retrace the decline from the monthly high (0.8538) should it struggle to break/close below the 0.8350 (100% Fibonacci extension) to 0.8360 (100% Fibonacci extension) region but need a move above the 0.8550 (78.6% Fibonacci extension) to 0.8590 (78.6% Fibonacci extension) area to bring 0.8700 (61.8% Fibonacci extension) on the radar.
--- Written by David Song, Strategist at FOREX.com
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