USD/CHF Weakness Pushes RSI Towards Oversold Territory
USD/CHF extends the series of lower highs and lows from last week to breach the September low (0.8796).
USD/CHF Rate Outlook
At the same time, the Relative Strength Index (RSI) approaches oversold territory as USD/CHF registers a fresh monthly low (0.8794), with a move below 30 in the oscillator likely to be accompanied by a further decline in the exchange rate like the price action from earlier this year.
A break/close below the 0.8760 (23.6% Fibonacci retracement) to 0.8770 (61.8% Fibonacci extension) region opens up the August low (0.8691), with the next area of interest coming in around 0.8590 (78.6% Fibonacci extension).
Nevertheless, lack of momentum to break/close below the 0.8760 (23.6% Fibonacci retracement) to 0.8770 (61.8% Fibonacci extension) region may keep the RSI above 30, but need a break/close above the 0.8890 (38.2% Fibonacci retracement) to 0.8930 (23.6% Fibonacci retracement) area to open up the 0.9000 (50% Fibonacci retracement) to 0.9030 (38.2% Fibonacci extension) zone.
USD/CHF Rate Outlook
At the same time, the Relative Strength Index (RSI) approaches oversold territory as USD/CHF registers a fresh monthly low (0.8794), with a move below 30 in the oscillator likely to be accompanied by a further decline in the exchange rate like the price action from earlier this year.
A break/close below the 0.8760 (23.6% Fibonacci retracement) to 0.8770 (61.8% Fibonacci extension) region opens up the August low (0.8691), with the next area of interest coming in around 0.8590 (78.6% Fibonacci extension).
Nevertheless, lack of momentum to break/close below the 0.8760 (23.6% Fibonacci retracement) to 0.8770 (61.8% Fibonacci extension) region may keep the RSI above 30, but need a break/close above the 0.8890 (38.2% Fibonacci retracement) to 0.8930 (23.6% Fibonacci retracement) area to open up the 0.9000 (50% Fibonacci retracement) to 0.9030 (38.2% Fibonacci extension) zone.
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