USD/CHF Price Forecast: Bulls eye 0.8200 as RSI turns higher
The USD/CHF advances some 0.13% on Wednesday as the Greenback holds within familiar levels, after depreciating versus the Yen amid speculation of an intervention in the FX markets. This dragged the pair from around five-week highs to the 0.8120 area.
USD/CHF Price Forecast: Technical Outlook
Price action shows the USD/CHF is poised to trade sideways, after bouncing off a two-month low of 0.7949 on August 20, to current exchange rate levels. From a market structure perspective, the pair is on a corrective leg before extending the downtrend.
The Relative Strength Index (RSI) turned bullish, aiming higher and hinting at further upside.
For a bullish continuation, the USD/CHF must clear the high of the day (HOD) at 0.8156 ahead of challenging 0.8200. A decisive breakout will expose the current year high at 0.8207, followed by the psychological 0.8250 ahead of 0.8300.
On the other hand, if USD/CHF retreats to 0.8100, it opens the door for another lower leg. Below is the 50-day Simple Moving Average (SMA) at 0.8091, followed by the July 30 swing low of 0.8039. Once hurdled, the next stop is the 100-day SMA at 0.7990.
USD/CHF Price Chart – Daily
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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