The USD/CHF currency pair continues to move within a correction phase after a significant decline and a bullish channel. At the time of the Forex forecast publication, the exchange rate of the US Dollar to the Swiss Franc stands at 0.8978. 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 pressure from sellers and a potential continuation of the asset’s decline from current levels. Currently, we can expect an attempt to develop a bullish correction in the exchange rate of the US Dollar against the Swiss Franc and a test of the resistance area near the 0.9035 level. This would be followed by a downward rebound and a continuation of the USD’s decline against the Swiss Franc with a potential target below the 0.8825 level.
USD/CHF Forecast Dollar Franc for June 22, 2023
An additional signal in favor of a decline in the USD/CHF currency pair on Forex will be a rebound from the trend line on the relative strength indicator (RSI). The second signal will be a bounce off the upper boundary of the bearish channel. The cancellation of the USD/CHF pair’s decline scenario on Forex will occur with a strong rise and a breakthrough above the 0.9075 area. This would indicate a breakthrough of the resistance area and a continuation of the USD/CHF quotes’ rise towards the area above the 0.9285 level. Confirmation of the decline in USD/CHF quotes should be expected with a breakthrough of the support area and the price closing below the 0.8935 level.
USD/CHF Forecast Dollar Franc for June 22, 2023 suggests an attempt to develop a correction and a test of the resistance area near the 0.9035 level, followed by a continuation of the currency pair’s decline with a target below the 0.8825 level. An additional signal in favor of a decline in the USD/CHF pair will be a rebound from the trend line on the relative strength indicator. The cancellation of the decline scenario will occur with a strong rise and a breakthrough above the 0.9075 area. This would indicate a breakthrough of the resistance level and a continuation of the pair’s rise with a potential target above the 0.9285 level.
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