USD/CHF Reverses Ahead of Monthly High to Clear October Low
USD/CHF clears the October low (0.8888) after failing to retrace the decline from the monthly high (0.9113), and the exchange rate may continue to give back the advance from the September low (0.8796) as it extends the series of lower highs and lows from earlier this week.
USD/CHF Rate Outlook
USD/CHF may no longer respond to the positive slope in the 50-Day SMA (0.9023) as it slips to a fresh monthly low (0.8855), with a breach below the September low (0.8796) opening up the 0.8760 (23.6% Fibonacci retracement) to 0.8770 (61.8% Fibonacci extension) region.
Nevertheless, USD/CHF may trade within a defined range if it defends the September low (0.8796), but need a move above the 0.8890 (38.2% Fibonacci retracement) to 0.8930 (23.6% Fibonacci retracement) area to bring the 0.9000 (50% Fibonacci retracement) to 0.9030 (38.2% Fibonacci extension) zone on the radar.
USD/CHF Rate Outlook
USD/CHF may no longer respond to the positive slope in the 50-Day SMA (0.9023) as it slips to a fresh monthly low (0.8855), with a breach below the September low (0.8796) opening up the 0.8760 (23.6% Fibonacci retracement) to 0.8770 (61.8% Fibonacci extension) region.
Nevertheless, USD/CHF may trade within a defined range if it defends the September low (0.8796), but need a move above the 0.8890 (38.2% Fibonacci retracement) to 0.8930 (23.6% Fibonacci retracement) area to bring the 0.9000 (50% Fibonacci retracement) to 0.9030 (38.2% Fibonacci extension) zone on the radar.
Penafian
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