Currency pair Dollar Franc USD/CHF ends the trading week near the level of 0.8517. 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 a price fall and a test of the support area near the level of 0.8395. Next, an upward rebound and an attempt to continue the growth of the currency pair with a potential target above the level of 0.8835.
USD/CHF Forecast and Analysis October 7 — 11, 2024
An additional signal in favor of the growth of the Dollar Franc currency pair will be a test of the broken trend line on the relative strength indicator (RSI). The second signal will be a rebound from the lower border of the “Triangle” model. The cancellation of the USD/CHF growth option this trading week will be a drop in quotes and a breakout of the 0.8355 area. This will indicate a breakout of the support area and a continuation of the pair’s decline on Forex with a target below the 0.8125 area. The pair’s growth in the current trading week of October 7 — 11, 2024 will be confirmed by a breakout of the resistance area and closing of quotes above the 0.8605 level, which will indicate a breakout of the upper border of the “Triangle” pattern and the beginning of the pattern’s development with targets at the top.
USD/CHF Forecast and Analysis October 7 — 11, 2024 suggests an attempt to develop a bearish correction and test the support level near the 0.8395 area. Then, the USD/CHF pair will continue to grow to the area above the 0.8835 level. A test of the trend line on the relative strength indicator will be in favor of the rise. The USD/CHF growth option will be cancelled if the support area is broken and quotes close below 0.8355. This will indicate a continuation of the pair’s decline with a potential target below 0.8125.
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