The USD/CHF currency pair continues to move within the development of strong growth and a descending channel. At the time of publication of the Forex forecast, the US Dollar to Swiss Franc exchange rate is 0.8647. Moving averages indicate the presence of a short-term bearish trend for the pair. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers and a potential continuation of the fall in the value of the asset from the current levels. At the moment, we should expect an attempt to develop an increase in the decline of the US Dollar against the Swiss Franc and a test of the support area near the level of 0.8525. Then, a price rebound upwards and continued growth of the US Dollar against the Swiss Franc with a potential target above the mark of 0.8905.
USDCHF Forecast Dollar Franc for August 8, 2024
An additional signal in favor of the growth of the Dollar Franc currency pair on FOREX will be a rebound from the support line on the relative strength indicator (RSI). The second signal will be a rebound from the upper border of the bearish channel. The USD/CHF growth scenario on Forex will be cancelled if it falls and breaks through the 0.8365 area. This will indicate a breakout of the support area and a continuation of the USD/CHF quotes fall to the area below 0.8135. Confirmation of the USD/CHF quotes fall should be expected with a breakout of the support area and the price closing below 0.8805, which will indicate a breakout of the upper border of the descending channel.
USDCHF Forecast Dollar Franc for August 8, 2024 suggests an attempt to develop a bearish correction and test the support area near the 0.8525 level. Further, the USD/CHF currency pair will continue to grow with a target above the 0.8905 level. An additional signal in favor of the rise of the Dollar Franc pair will be a rebound from the trend line on the relative strength indicator. The growth scenario will be cancelled by a fall and a breakout of the 0.8365 area. This will indicate a breakout of the support level and a continuation of the pair’s fall with a potential target below the 0.8145 level.
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