Currency pair USD/CHF Dollar/Franc ends the trading week near the level of 0.9145. The pair continues to move within the fall and the downtrend channel. Moving averages indicate a downtrend. Prices are testing the area between the signal lines, which indicates strong pressure from the sellers of the American currency and a potential continuation of the fall of the instrument. At the moment, we should expect an attempt to correct prices and test the support area near the level of 0.8935. Further, a rebound and an attempt to continue the rise of the pair with a potential target above the level of 0.9595.
USD/CHF Forecast and Analysis November 16 — 20, 2020
An additional signal in favor of raising the Dollar Franc currency pair will be a test of the trend line on the relative strength index (RSI). The second signal will be the formation of an inverted Head and Shoulders pattern. Cancellation of the growth option for USD/CHF will be a fall and a breakdown of the 0.8875 area. This will indicate a breakdown of the support area and the continuation of the fall of the pair on Forex with a target below the 0.8565 area. Confirmation of the rise in the pair in the current trading week of November 16 — 20, 2020 will be the breakdown of the resistance area and closing of quotations above the level of 0.9345.
USD/CHF Forecast and Analysis November 16 — 20, 2020 suggests an attempt to test the support level near the 0.8935 area. Then, the continued growth of USD/CHF to the area above the level of 0.9595. A test of the trend line on the relative strength index (RSI) will be in favor of the rise. Cancellation of the US CHF growth option will be a breakdown of the support area and closing of quotations below the level of 0.8875. This will indicate a continued fall of the pair with a potential target below 0.8565.
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