The USD/CHF currency pair continues to move within the framework of the growth and descending channel development. At the time of the Forex forecast publication, the US Dollar to Swiss Franc exchange rate is 0.8652. 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 asset’s fall from the current levels. At the moment, we should expect an attempt to develop the rise of the decline of the US Dollar against the Swiss Franc and a test of the support area near the 0.8535 level. Then, the price will rebound upwards and the US Dollar will continue to grow against the Swiss Franc with a potential target above the 0.8885 mark.
USDCHF Forecast Dollar Franc for August 9, 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 cancellation of the option with the growth of the USD/CHF pair on Forex will be a fall and a breakout of the 0.8385 area. This will indicate a breakout of the support area and a continuation of the fall of USD/CHF quotes to the area below the level of 0.8165. 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 level of 0.8805, which will indicate a breakout of the upper border of the descending channel.
USDCHF Forecast Dollar Franc for August 9, 2024 suggests an attempt to develop a bearish correction and test the support area near the level of 0.8535. Next, the USD/CHF currency pair will continue to grow with a target above 0.8885. 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 option will be cancelled by a fall and a breakout of the 0.8385 area. This will indicate a breakout of the support level and a continuation of the pair’s fall with a potential target below 0.8165.
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