US Dollar Forecast: USD/CHF Susceptible to Test of Monthly Low

US Dollar Outlook: USD/CHF

USD/CHF appears to be on track to test the monthly low (0.9009) following the failed attempt to test the 2024 high (0.9225).

US Dollar Forecast: USD/CHF Susceptible to Test of Monthly Low

USD/CHF extends the recent series of lower highs and lows to register a fresh weekly low (0.9033), and the exchange rate may fall towards the 50-Day SMA (0.8959) should it push below the opening range for January.

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In turn, USD/CHF may struggle to retain the advance from the December low (0.8736), but the exchange rate may continue to track the positive slope in the moving average as it still holds above the indicator.

With that said, USD/CHF may stage further attempts to test the 2024 high (0.9225) if it defends the monthly low (0.9009) and snaps the recent series of lower highs and lows.

USD/CHF Price Chart – Daily

Chart Prepared by David Song, Senior Strategist; USD/CHF Price on TradingView

• USD/CAD may defend the monthly low (0.9009) as it holds above the 0.9030 (38.2% Fibonacci extension) to 0.9040 (23.6% Fibonacci extension) region, with a move back above 0.9180 (23.6% Fibonacci extension) bringing the monthly high (0.9201) on the radar.
• Next area interest comes in around the 2024 high (0.9225), but USD/CHF may push below the opening range for January if it continues to carve a series of lower highs and lows.
• Failure to hold above the above the 0.9030 (38.2% Fibonacci extension) to 0.9040 (23.6% Fibonacci extension) region may push USD/CHF to fresh monthly lows, with a break/close below the 0.8880 (38.2% Fibonacci retracement) to 0.8910 (38.2% Fibonacci extension) zone opening up the 0.8770 (61.8% Fibonacci extension) to 0.8800 (50% Fibonacci extension) area.

Additional Market Outlooks

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GBP/USD Pullback Pushes RSI Toward Oversold Territory

--- Written by David Song, Senior Strategist

Follow on Twitter at @DavidJSong