Currency pair Dollar Franc USD/CHF continues to move as part of the correction and the formation of the “Head and Shoulders” reversal pattern. At the time of the publication of the Forex forecast, the rate of the US Dollar to the Swiss Franc is 0.9247. Moving averages indicate the presence of a short-term sideways trend in the pair. Prices broke through the area between the signal lines upward, which indicates pressure from buyers and a potential continuation of the asset’s price growth from the current levels. At the moment, we should expect an attempt to continue the development of the correction of the US Dollar against the Swiss Franc and a test of the support area near the level of 0.9205. Then, a rebound upward and the beginning of the rise in the US Dollar rate against the Swiss Franc with a potential target above 0.9345.
USD/CHF Forecast Dollar Franc December 16, 2021
An additional signal in favor of raising the Dollar/Franc currency pair on FOREX will be a rebound from the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the “Head and Shoulders” pattern. Cancellation of the option to raise the USD/CHF pair on Forex will be a fall and a breakdown of the 0.9155 area. This will indicate a breakdown of the support area and a continued fall in the USD/CHF quotes to an area below the level of 0.8835. Expect confirmation of a rise in the USD/CHF quotes with the breakdown of the resistance area and closing the price above the level of 0.9285.
Among the important news from Switzerland that may have an impact on the USD/CHF rate, it is worth highlighting: Swiss National Bank (SNB) Interest Rate Decision, Swiss National Bank (SNB) News Conference.
USD/CHF Forecast Dollar Franc December 16, 2021 suggests an attempt to test the support area near the level of 0.9205. 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 the growth of the Dollar/Franc pair will be a test of the bullish trend line on the relative strength index (RSI). Cancellation of the upside option will be a fall and a breakdown of the 0.9155 area. This will indicate a breakdown of the support level and a continued decline in the pair with a potential target below 0.8835.
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