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27 Aug 2024

USD/CHF Price Forecast: Bears close in on key lows

  • USD/CHF is in a short-term downtrend which is falling towards a key low. 
  • The pair is oversold according to the RSI and at risk of a pull back. 

USD/CHF trades lower in line with the dominant short-term downtrend after the pair established a sequence of descending peaks and troughs since the August 15 high. 

Given “the trend is your friend” the downtrend should continue, with the next key target lying at 0.8433, the key August 5 low. 

USD/CHF 4-hour Chart


 

The Relative Strength Index (RSI) momentum indicator is in the oversold zone indicating a risk of a pull back. A buy signal for counter trend reactions is given when the RSI exits oversold and closes back inside neutral territory (above 30). 

A decisive break below the August 5 lows would see the downtrend extend even lower, towards the next target at 0.8334. 

A decisive break would be one accompanied by a long red candlestick that broke well below the low and closed near its low or three red candles in a row that broke below the level.

 

Aug 27, 2024

USD/CAD: Oversold condition in the USD is developing – Scotiabank

The Canadian Dollar (CAD) is little changed on the session, leaving spot pressed back up against yesterday’s intraday low around 1.3468, Scotiabank’s Chief FX Strategist Shaun Osborne notes CAD holds gains in upper 1.34s “While factors continue to shift favourably for the CAD in broad terms, spot is trading further below our fair value estimate (1.3529) today.
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Aug 27, 2024

NZD/USD Price Forecast: Testing top of range and attempting to breakout

NZD/USD continues knocking on the ceiling of the sideways range it established since the springtime.
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