Currency pair Dollar Franc USD/CHF continues to move as part of the correction and the formation of an inverted «Head and Shoulders» reversal pattern. At the time of the publication of the Forex forecast, the exchange rate of the US Dollar to the Swiss Franc is 0.9097. Moving averages indicate a short-term bearish trend for the pair. Prices are again testing the area between the signal lines, which indicates pressure from sellers and a potential continuation of the decline in the asset’s value from the current levels. At the moment, we should expect an attempt to develop a fall in the US Dollar rate against the Swiss Franc and a test of the support area near the level of 0.9035. Then, a rebound and continued growth in the US Dollar against the Swiss Franc with a potential target above 0.9345.
USD/CHF Forecast Dollar Franc August 28, 2020
An additional signal in favor of the rise of the Dollar Franc currency pair at FOREX will be a test of the trend line on the relative strength index (RSI). The second signal will be the completion of the formation of the inverted «Head and Shoulders» reversal pattern. Cancellation of the growth option for the USD/CHF pair on Forex will be a fall and a breakdown of the 0.8965 area. This will indicate a breakdown of the support area and a continued fall in the USD/CHF quotes to the area below the level of 0.8655. It is worth waiting for confirmation of the growth of the USD/CHF quotes with the breakdown of the resistance area and closing above the level of 0.9195, in this case, a breakdown of the «Neck Line» will take place, which will indicate the completion of the formation of the pattern.
USD/CHF Forecast Dollar Franc August 28, 2020 suggests an attempt to test the support area near the level of 0.9035. Further, the continued growth of the USD/CHF currency pair with a target above the level of 0.9345. An additional signal in favor of raising the Dollar/Franc pair will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 0.8965 area. This will indicate a breakdown of the support level and the continued fall of the pair with a potential target below 0.8655.
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