FX.co ★ USDCHF technical analysis for May 31, 2022.

USDCHF is turning upwards. The Dollar is starting to strengthen against the CHF and price as expected has found support around the key Fibonacci retracement at the 61.8% level. USDCHF has the potential to start a new upward move from current levels.

USDCHF has retraced more than 50% of the entire upward move from the 0.9190 lows. The bullish RSI divergence combined with the fact that price is very close to the 61.8% retracement, increases the chances of a reversal to the upside for USDCHF. Bears need to be very cautious as a move higher is imminent.