USD/CHF Forecast: RSI Divergence Emerges
The recent selloff in USD/CHF pushed the Relative Strength Index (RSI) into oversold territory, but the oscillator seems to be diverging with price as it fails to reflect the extreme reading from earlier this year.
USD/CHF Rate Outlook
USD/CHF registered a fresh monthly low (0.8593) as it snapped the range-bound price action from last week, with a break/close below 0.8590 (78.6% Fibonacci extension) raising the scope for a test of the yearly low (0.8553).
Next area of interest comes in around 0.8350 (100% Fibonacci extension) but USD/CHF may hold within the yearly range should it defend the monthly low (0.8593). At the same time, looming developments in the RSI may show the bearish momentum abating as it attempts to push back above 30, with a move above the 0.8760 (23.6% Fibonacci retracement) to 0.8770 (61.8% Fibonacci extension) region bringing the monthly high (0.8821) on the radar.
USD/CHF Rate Outlook
USD/CHF registered a fresh monthly low (0.8593) as it snapped the range-bound price action from last week, with a break/close below 0.8590 (78.6% Fibonacci extension) raising the scope for a test of the yearly low (0.8553).
Next area of interest comes in around 0.8350 (100% Fibonacci extension) but USD/CHF may hold within the yearly range should it defend the monthly low (0.8593). At the same time, looming developments in the RSI may show the bearish momentum abating as it attempts to push back above 30, with a move above the 0.8760 (23.6% Fibonacci retracement) to 0.8770 (61.8% Fibonacci extension) region bringing the monthly high (0.8821) on the radar.
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