USD/CHF Upward Trend Remains Under Threat

5月29日

USD/CHF attempts to retrace the decline from earlier this week as it bounces back from the 50-Day SMA (0.9086).

USD/CHF Rate Outlook

USD/CHF may continue to track the positive slope in the moving average as it no longer carves a series of lower highs and lows, with a breach above 0.9180 (23.6% Fibonacci extension) bringing the monthly high (0.9225) on the radar.

Next area of interest comes in around the October 2023 high (0.9245), but USD/CHF may continue to threaten the upward trend from earlier this year if it struggles to hold above the moving average.

Failure to hold above the 0.9030 (38.2% Fibonacci extension) to 0.9040 (23.6% Fibonacci extension) area may push USD/CHF towards the monthly low (0.8988), with the next region of interest coming in around 0.8880 (38.2% Fibonacci retracement) to 0.8910 (38.2% Fibonacci extension).

--- Written by David Song, Strategist at FOREX.com

6月4日

ノート

6/4/2024

USD/CHF tests the former-resistance zone around the February high (0.8886) as it extends the series of lower highs and lows from last week.

USD/CHF falls for the fourth consecutive day after failing to defend the upward trend from this year, with a break/close below the 0.8880 (38.2% Fibonacci retracement) to 0.8910 (38.2% Fibonacci extension) region opening up the 0.8770 (61.8% Fibonacci extension) to 0.8800 (50% Fibonacci extension) area.

Next region of interest comes in around the March low (0.8730), but USD/CHF may struggle to extend the bearish price series if the former-resistance zone around the February high (0.8886) starts to act as support.

A move back above the 0.9030 (38.2% Fibonacci extension) to 0.9040 (23.6% Fibonacci extension) zone may push USD/CHF towards 0.9180 (23.6% Fibonacci extension), with a breach above the May high (0.9225) bringing the October 2023 high (0.9245) back on the radar.

--- Written by David Song, Strategist at FOREX.com