Currency pair USD/CHF Dollar/Franc ends the trading week near the level of 0.9199. The pair continues to move within the correction and the downward channel. Moving averages indicate a downtrend. The prices once again pushed away from the area between the signal lines, which indicates strong pressure from the sellers of the American currency and the potential continuation of the fall of the instrument. At the moment, we should expect an attempt to reduce prices again and test the support area near the level of 0.8990. Further, a rebound and an attempt to continue the growth of the pair with a potential target above the level of 0.9495.
USD/CHF Forecast and Analysis October 5 — 9, 2020
An additional signal in favor of the growth of the Dollar/Franc currency pair will be a test of the trend line on the relative strength index (RSI). The second signal will be a breakdown of the upper border of the descending channel. Cancellation of the growth option for USD/CHF will be a fall and a breakdown of the 0.8805 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 0.8415 area. Confirmation of the rise in the pair in the current trading week October 5 — 9, 2020 will be a breakdown of the resistance area and closing of quotations above the level of 0.9385.
Among the important news from Switzerland that may have an impact on the rate of the Swiss Franc against the US Dollar it is worth highlighting: Speech by the Chairman of the Swiss National Bank (SNB) Chairman Jordan Speech.
USD/CHF Forecast and Analysis October 5 — 9, 2020 implies an attempt to test the support level near the 0.8990 area. Then, the continued growth of USD/CHF to the area above the level of 0.9495. A test of the trend line on the relative strength index (RSI) will be in favor of the rise. Cancellation of the USD/CHF growth option will be a breakdown of the support area and closing of quotes below 0.8805. This will indicate a continued fall of the pair with a potential target below 0.8415.
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