USD/CHF threatens the upward trend from earlier this year as it fails to defend the opening range for May.
USD/CHF Rate Outlook
USD/CHF extends the recent series of lower highs and lows to clear the April low (0.8998), with the recent weakness in the exchange rate pushing the Relative Strength Index (RSI) to its lowest level since January.
A break/close below the 0.8880 (38.2% Fibonacci retracement) to 0.8910 (38.2% Fibonacci extension) region may push USD/CHF towards the 0.8770 (61.8% Fibonacci extension) to 0.8800 (50% Fibonacci extension) zone, with the next area of interest coming in around the March low (0.8730).
Nevertheless, USD/CHF may face range bound conditions if it struggles to extend the recent series of lower highs and lows, with a breach above the weekly high (0.9103) bringing 0.9180 (23.6% Fibonacci extension) on the radar.
USD/CHF Rate Outlook
USD/CHF extends the recent series of lower highs and lows to clear the April low (0.8998), with the recent weakness in the exchange rate pushing the Relative Strength Index (RSI) to its lowest level since January.
A break/close below the 0.8880 (38.2% Fibonacci retracement) to 0.8910 (38.2% Fibonacci extension) region may push USD/CHF towards the 0.8770 (61.8% Fibonacci extension) to 0.8800 (50% Fibonacci extension) zone, with the next area of interest coming in around the March low (0.8730).
Nevertheless, USD/CHF may face range bound conditions if it struggles to extend the recent series of lower highs and lows, with a breach above the weekly high (0.9103) bringing 0.9180 (23.6% Fibonacci extension) on the radar.