USD/CHF Approaches January High

USD/CHF approaches the January high (0.8729) as it trades back above the 50-Day SMA (0.8635).

USD/CHF Rate Outlook

USD/CHF may no longer respond to the negative slope in the moving average as it trades above the indicator for the first since November, with a breach above the January high (0.8729) raising the scope for a move towards the 0.8770 (23.6% Fibonacci retracement) to 0.8800 (50% Fibonacci extension) region.

Next area of interest comes in around the December high (0.8821), but failure to break/close above the 0.8770 (23.6% Fibonacci retracement) to 0.8800 (50% Fibonacci extension) region may generate range bound conditions in USD/CHF, with a move below the 0.8700 (61.8% Fibonacci extension) handle bringing the 0.8550 (78.6% Fibonacci extension) to 0.8590 (78.6% Fibonacci extension) area back on the radar.