USD/CHF Tests Positive Slope in 50-Day SMA
USD/CHF is on track to weaken for the third consecutive week as it trades to a fresh monthly low (0.8955).
USD/CHF Rate Outlook
USD/CHF extends the decline from the start of the week to trade below the 0.9000 (50% Fibonacci retracement) to 0.9030 (38.2% Fibonacci extension) region, and a move below the 50-Day SMA (0.8955) may push the exchange rate towards the 0.8890 (38.2% Fibonacci retracement) to 0.8930 (23.6% Fibonacci retracement) area amid the lack of response to the positive slope in the moving average.
Next area of interest comes in around the September low (0.8796), but failure to push the moving average may curb the recent weakness in USD/CHF, with a move above the 0.9000 (50% Fibonacci retracement) to 0.9030 (38.2% Fibonacci extension) region bringing the 0.9100 (61.8% Fibonacci retracement) handle on the radar.
USD/CHF Rate Outlook
USD/CHF extends the decline from the start of the week to trade below the 0.9000 (50% Fibonacci retracement) to 0.9030 (38.2% Fibonacci extension) region, and a move below the 50-Day SMA (0.8955) may push the exchange rate towards the 0.8890 (38.2% Fibonacci retracement) to 0.8930 (23.6% Fibonacci retracement) area amid the lack of response to the positive slope in the moving average.
Next area of interest comes in around the September low (0.8796), but failure to push the moving average may curb the recent weakness in USD/CHF, with a move above the 0.9000 (50% Fibonacci retracement) to 0.9030 (38.2% Fibonacci extension) region bringing the 0.9100 (61.8% Fibonacci retracement) handle on the radar.
Penafian
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