USD/CHF Price Forecast: RSI turns bullish as 0.8300 comes into view
The USD/CHF climbed on Tuesday during the North American session, up 0.74%, as hawkish comments by Federal Reserve (Fed) officials and a high US inflation report bolstered the US Dollar amid growing expectations of a Fed rate hike in December.
USD/CHF price forecast indicates a potential bullish trend as the Relative Strength Index (RSI) turns positive, with the pair approaching the 0.8300 level. The USD/CHF climbed 0.74% during the North American session, buoyed by hawkish remarks from Federal Reserve officials and a strong US inflation report, which increased expectations of a rate hike in December.
After falling to near two-month lows at 0.8127, the pair has recovered and cleared the 50-day Simple Moving Average (SMA) at 0.8227, surpassing 0.8250 and nearing the 0.8300 target. The next potential target is the year-to-date high of 0.8382, reached on October 1. If the pair breaks above this level, the next support would be the 50-day SMA, followed by the low of the day at 0.8174 and the 100-day SMA at 0.8164.
Should it fall below these levels, the 0.8100 figure and then the 200-day SMA at 0.8009 could serve as further support.
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