The currency pair US Dollar against the Swiss Franc (USD/CHF) continues to move within a correction after a sharp decline and a bullish channel. At the time of this Forex forecast publication, the exchange rate of the US Dollar to the Swiss Franc stands at 0.8963. The moving averages indicate the presence of a short-term bearish trend for the pair. Prices have moved downward from the area between the signal lines, indicating selling pressure and the potential continuation of the price decline from current levels. Currently, we should expect an attempt to develop a correction in the exchange rate of the US Dollar against the Swiss Franc and test the support area near the 0.8945 level. Then, a rebound upward and a continuation of the US Dollar’s rise against the Swiss Franc with a potential target above the 0.9165 level.
USD/CHF Forecast Dollar Franc for June 21, 2023
An additional signal in favor of a rise in the USD/CHF currency pair on Forex would be a rebound from the trend line on the Relative Strength Index (RSI) indicator. A second signal would be a rebound from the lower boundary of the bullish channel. The scenario of the pair’s rise would be invalidated by a decline and a breakthrough of the 0.8845 area. This would indicate a breakout of the support area and a continuation of the decline in USD/CHF quotes to the area below the 0.8565 level. Confirmation of the rise in USD/CHF quotes should be expected with a breakthrough of the resistance area and the closing price above the 0.9045 level, indicating a breakout of the upper boundary of the bearish correction channel.
USD/CHF Forecast Dollar Franc for June 21, 2023 suggests an attempt to develop a correction and test the support area near the 0.8945 level, followed by a continuation of the rise in the USD/CHF currency pair with a target below the 0.9165 level. An additional signal in favor of the rise would be a rebound from the trend line on the Relative Strength Index. The scenario of the pair’s rise would be invalidated by a decline and a breakthrough of the 0.8845 area. In this case, we should expect a continuation of the pair’s decline with a potential target below the 0.8565 level.
