Currency pair Dollar Franc USD/CHF continues to move as part of the correction and the formation of an inverted “Head and Shoulders” pattern. At the time of the publication of the Forex forecast, the rate of the US Dollar to the Swiss Franc is 0.8918. Moving averages indicate a short-term bearish trend for the pair. Prices push off from the area between the signal lines, which indicates pressure from sellers and a potential continuation of the fall in the asset value already from current levels. At the moment, we should expect an attempt to develop a slight decrease in the US Dollar rate against the Swiss Franc and a test of the support area near the level of 0.8890. Then, the rebound and the beginning of the rise in the US Dollar rate against the Swiss Franc with a potential target above 0.9005.
USD/CHF Forecast Dollar Franc February 17, 2021
An additional signal in favor of the rise of the Dollar/Franc currency pair on FOREX will be a test of the rising trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the “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 0.8825 area. This will indicate a breakdown of the support area, as well as the lower border of the descending channel and a continued fall in the USD/CHF quotes to the area below the level of 0.8705. Expect confirmation of the growth of the USD/CHF quotes with the breakdown of the resistance area and closing above the level of 0.8955, which will indicate the completion of the formation of the inverted Head and Shoulders pattern.
USD/CHF Forecast Dollar Franc February 17, 2021 suggests an attempt to test the support area near the level of 0.8890. Further, the continued growth of the USD/CHF currency pair with a target above the level of 0.9005. 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 0.8705 area. This will indicate a breakdown of the support level and the continued fall of the pair with a potential target below 0.8825.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link