Currency pair USD/CHF Dollar/Franc ends the trading week near the level of 0.8998. The pair continues to move within the correction and is preparing to test the lower border of the bullish channel. Moving averages indicate a bearish trend. Prices went down from the area between the signal lines, which indicates 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 the price and test the support area near the level of 0.8865. Further, a rebound and an attempt to continue the rise of the pair with a potential target above the level of 0.9325.
USD/CHF Forecast and Weekly Analysis May 31 — June 4, 2021
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 a rebound from the lower border of the bullish channel. Cancellation of the growth option for USD/CHF will be a fall and a breakdown of the 0.8705 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 0.8325 area. Confirmation of the rise in the pair in the current trading week, the week May 31 — June 4, 2021 will be a breakdown of the resistance area and closing of quotations above the level of 0.9145.
Among the important news from Switzerland that may have an impact on the Swiss Franc against the US Dollar, it is worth highlighting: Switzerland Gross Domestic Product (GDP) q/q.
USD/CHF Forecast and Weekly Analysis May 31 — June 4, 2021 implies an attempt to test the support level near the 0.8865 area. Then, the continued growth of USD/CHF to the area above the level of 0.9325. 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 quotations below 0.8705. This will indicate a continued fall of the pair with a potential target below the level of 0.8325.
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