US Dollar Forecast: USD/CHF Falls Toward Monthly Low
USD/CHF is on track to test the monthly low (0.8186) as it carves a series of lower highs and lows.
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US Dollar Outlook: USD/CHF
USD/CHF is on track to test the monthly low (0.8186) as it carves a series of lower highs and lows.
US Dollar Forecast: USD/CHF Falls Toward Monthly Low
USD/CHF seems to have reversed ahead of the ahead of the 50-Day SMA (0.8460) as it snaps the range bound price action from last week, and the exchange rate may continue to track the negative slope in the moving average as it holds below the indicator.
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With that said, USD/CHF may struggle to retain the rebound from the yearly low (0.8040) as it extends the decline from the start of the week, but the exchange rate may consolidate over the remainder of the week should it defend the monthly low (0.8186).
USD/CHF Price Chart – Daily
Chart Prepared by David Song, Senior Strategist; USD/CHF Price on TradingView
- USD/CHF falls to a fresh weekly low (0.8210) as it snaps the range bound price action from last week, with a breach of the monthly low (0.8186) raising the scope for a move toward 0.8080 (23.6% Fibonacci retracement).
- Failure to hold the yearly low (0.8040) may push USD/CHF toward 0.7810 (161.8% Fibonacci extension), but USD/CHF may continue to trade within the April range should it defend the monthly low (0.8186).
- Need a move above 0.8360 (100% Fibonacci extension) to bring the monthly high (0.8476) on the radar, with the next area of interest coming in around 0.8550 (78.6% Fibonacci extension) to 0.8590 (78.6% Fibonacci extension).
Additional Market Outlooks
GBP/USD Rallies to Fresh Yearly High as UK CPI Shoots Higher
US Dollar Forecast: EUR/USD Bounces Back Ahead of Monthly Low
Canadian Dollar Forecast: USD/CAD Falls amid Sticky Canada Inflation
USD/JPY Decline Persists amid US Credit Rating Downgrade
--- Written by David Song, Senior Strategist
Follow on Twitter at @DavidJSong
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