Currency pair Dollar Franc USD/CHF ends the trading week near the level of 0.8555. The pair continues to move as part of the development of the fall and the formation of the Double Bottom reversal pattern. Moving averages indicate 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 decline from 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 0.8505. Next, a rebound upwards and an attempt to continue the growth of the currency pair with a potential target above the level of 0.9305.
USD/CHF Forecast December 25 — 29, 2023
An additional signal in favor of growth in the Dollar Franc currency pair will be a test of the trend line on the relative strength indicator (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the USD/CHF rise will be a fall and a breakdown of the 0.8435 area. This will indicate a breakdown of the support area and a continued fall of the pair on Forex with a target below the 0.8275 area. Confirmation of the growth of the pair in the current trading week of December 25 — 29, 2023 will be a breakdown of the resistance area and closing of quotes above the level of 0.8845, which will indicate a breakdown of the upper boundary of the downward channel. We should expect the “Double Bottom” reversal pattern to start working out with a breakdown of the level of 0.9305.
USD/CHF Forecast December 25 — 29, 2023 assumes an attempt to develop a correction and test the support level near the 0.8505 area. Then, the USD/CHF pair continues to grow to the area above the level of 0.9305. A test of the trend line on the relative strength index (RSI) will support the rise. Cancellation of the USD/CHF growth option will be a breakdown of the support area and closing of quotes below the level of 0.8435. This will indicate a continued decline in the pair with a potential target below the level of 0.8275.
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