Currency pair Dollar Franc USD/CHF ends the trading week near the level of 0.8563. The pair continues to move within the framework of the correction development and the formation of the “Triangle” model. The moving averages indicate the presence of a bearish trend. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers of the American currency and a potential continuation of the instrument’s fall from the current levels. At the moment, we should expect an attempt to develop price growth and a test of the resistance area near the level of 0.8745. Next, a rebound downwards and an attempt to continue the fall of the currency pair with a potential target below the level of 0.7845.
USD/CHF Forecast and Analysis October 14 — 18, 2024
An additional signal in favor of a decline in the Dollar Franc currency pair will be a test of the bearish trend line on the relative strength indicator (RSI). The second signal will be a rebound from the upper border of the descending channel. The cancellation of the USD/CHF decline option this trading week will be a strong increase in quotes and a breakout of the 0.9075 area. This will indicate a breakout of the resistance area and continued growth of the pair on Forex with a target above the 0.9375 area. Confirmation of the pair’s fall in the current trading week of October 14 — 18, 2024 will be a breakout of the support area and closing of quotes below the 0.8325 level, which will indicate a breakout of the lower border of the “Triangle” pattern and the beginning of the pattern’s development with targets below.
USD/CHF Forecast and Analysis October 14 — 18, 2024 suggests an attempt to develop a bullish correction and a test of the resistance level near the 0.8745 area. Then, the USD/CHF pair will continue to fall to the area below the 0.7845 level. A test of the trend line on the relative strength indicator will be in favor of the decline. The USD/CHF fall scenario will be cancelled by a breakout of the resistance area and closing of quotes above the 0.9075 level. This will indicate continued growth of the pair with a potential target above the 0.9375 level.
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