The USD/CHF currency pair continues to move within the framework of the development of the decline and the descending channel. At the time of the publication of the Forex forecast, the US Dollar to Swiss Franc exchange rate is 0.8438. 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 the growth of the US Dollar against the Swiss Franc and a test of the resistance area near the level of 0.8505. 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 0.8285.
USDCHF Forecast Dollar Franc for August 29, 2024
An additional signal in favor of a decline in 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 descending channel. The cancellation of the option with a fall in the USD/CHF pair on Forex will be a strong growth and a breakout of the 0.8565 area. This will indicate a breakout of the resistance area and continued growth of USD/CHF quotes to the area above the 0.8795 level. Confirmation of the fall in USD/CHF quotes should be expected with a breakout of the support area and closing of the price below the 0.8405 level.
USDCHF Forecast Dollar Franc for August 29, 2024 suggests an attempt to develop a bullish correction and test the resistance area near the 0.8505 level. Further, the continuation of the fall of the USD/CHF currency pair with a target below the 0.8285 level. 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 0.8565 area. This will indicate a breakout of the resistance level and continued growth of the pair with a potential target above the 0.8795 level.
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