🔺 USD/CHF Momentum Ranking Rebounds From Lows: Cable FX Macro

**As seen in FX Quotes report 05/12/23, subscribe at cablefxm.co.uk/reports

• The momentum model section in our FX Quotes report had seen the USD/CHF ranking falling to the lowest levels since mid-2020, the percent ranking in our momentum indicator dropped to 0.0 in early May.

• Our measure captures the extension of spot moving averages vs a long-term benchmark, the extremes in the metric (1.0/0.0) are met infrequently. The last time USD/CHF percent rank came this low, the spot price rebounded by 41p two-weeks later and 174p during the following month

• Looking at the rest of our G10FX watch list, no other pair shows this degree of extension. USD/JPY and EUR/USD momentum models have recently retraced their respective highs and lows