The recent rebound in USD/CHF has pulled the Relative Strength Index (RSI) above 30 to generate a textbook buy signal.
USD/CHF Rate Outlook
USD/CHF carve a s series of higher highs and lows as it extends the rebound from the December low (0.8333), with a break/close above the 0.8550 (78.6% Fibonacci extension) to 0.8590 (78.6% Fibonacci extension) region raising the scope for a move towards 0.8700 (61.8% Fibonacci extension).
Next area of interest comes in around 0.8760 (23.6% Fibonacci retracement) to 0.8800 (50% Fibonacci extension) followed by the December high (0.8821).
However, failure to trade back above the 0.8550 (78.6% Fibonacci extension) to 0.8590 (78.6% Fibonacci extension) region may curb the bullish price action in USD/CHF, with a move below the 0.8350 (100% Fibonacci extension) to 0.8360 (100% Fibonacci extension) region bringing the December low (0.8333) on the radar.
USD/CHF Rate Outlook
USD/CHF carve a s series of higher highs and lows as it extends the rebound from the December low (0.8333), with a break/close above the 0.8550 (78.6% Fibonacci extension) to 0.8590 (78.6% Fibonacci extension) region raising the scope for a move towards 0.8700 (61.8% Fibonacci extension).
Next area of interest comes in around 0.8760 (23.6% Fibonacci retracement) to 0.8800 (50% Fibonacci extension) followed by the December high (0.8821).
However, failure to trade back above the 0.8550 (78.6% Fibonacci extension) to 0.8590 (78.6% Fibonacci extension) region may curb the bullish price action in USD/CHF, with a move below the 0.8350 (100% Fibonacci extension) to 0.8360 (100% Fibonacci extension) region bringing the December low (0.8333) on the radar.