The USD/CHF currency pair continues to move within the framework of the development of a bullish correction and a descending channel. At the time of the publication of the Forex forecast, the US Dollar to Swiss Franc exchange rate is 0.8660. The moving averages indicate the presence of 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 fall in the asset value from the current levels. At the moment, we should expect an attempt to develop an increase in the US Dollar against the Swiss Franc and a test of the resistance area near the level of 0.8680. Then, a price rebound downwards and a continuation of the fall of the US Dollar against the Swiss Franc with a potential target below the mark of 0.8415.
USDCHF Forecast Dollar Franc for August 20, 2024
An additional signal in favor of the fall of the Dollar Franc currency pair on FOREX will be a rebound from the resistance line on the relative strength indicator (RSI). The second signal will be a rebound from the upper border of the bearish channel. The cancellation of the option with the fall of the USD/CHF pair on Forex will be strong growth and a breakout of the 0.8805 area. This will indicate a breakout of the resistance area and continued growth of USD/CHF quotes to the area above the level of 0.9055. Confirmation of the fall of USD/CHF quotes should be expected with a breakout of the support area and closing of the price below the level of 0.8585, which will indicate a breakout of the lower border of the reversal pattern “Head and Shoulders” and the beginning of the pattern with targets below.
USDCHF Forecast Dollar Franc for August 20, 2024 suggests an attempt to develop a bullish correction and test the resistance area near the level of 0.8680. Further, the continuation of the fall of the USD/CHF currency pair with a target below the level of 0.8415. An additional signal in favor of a decline in the Dollar Franc pair will be a rebound from the trend line on the relative strength indicator. The cancellation of the fall option will be a strong growth and a breakout of the 0.8805 area. This will indicate a breakout of the resistance level and continued growth of the pair with a potential target above the level of 0.9055.
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