US Dollar Forecast: USD/CHF Defends Post-Fed Rally
USD/CHF seems to be defending the rally following the Federal Reserve interest rate decision as it trades near the weekly high (0.9095).
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US Dollar Outlook: USD/CHF
USD/CHF seems to be defending the rally following the Federal Reserve interest rate decision as it trades near the weekly high (0.9095).
US Dollar Forecast: USD/CHF Defends Post-Fed Rally
USD/CHF stages a three-day rally after gut checking the 50-Day SMA (0.8984) at the start of the week, and the exchange rate may retrace the decline from the monthly high (0.9201) should it continue to track the positive slope in the moving average.
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With that said, USD/CHF may stage further attempt to test the 2024 high (0.9225), but the exchange rate may consolidate over the remainder of the month as it struggles to extend the recent series of higher highs and lows.
USD/CHF Price Chart – Daily
Chart Prepared by David Song, Senior Strategist; USD/CHF Price on TradingView
- USD/CHF extends the rebound from the weekly low (0.8966) to stage a three-day rally, with a breach above 0.9180 (23.6% Fibonacci extension) bringing the monthly high (0.9201) on the radar.
- Next area interest comes in around the 2024 high (0.9225), but USD/CHF may continue to threaten the positive slope in the 50-Day SMA (0.8984) as it struggles to extend the recent series of higher highs and lows.
- Lack of momentum to hold above the 0.9030 (38.2% Fibonacci extension) to 0.9040 (23.6% Fibonacci extension) region may push USD/CHF back towards the weekly low (0.8966), with the next area of interest coming in around 0.8880 (38.2% Fibonacci retracement) to 0.8910 (38.2% Fibonacci extension).
Additional Market Outlooks
Gold Price Rallies to Fresh Record High amid Limited Response to Fed
EUR/USD Struggles Ahead of ECB as Fed Keeps US Interest Rate on Hold
USD/CAD Unfazed by BoC Rate-Cut Ahead of Fed Decision
AUD/USD Susceptible to Negative Slope in 50-Day SMA
--- Written by David Song, Senior Strategist
Follow on Twitter at @DavidJSong
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