The USD/CHF currency pair continues to move within the correction and bullish channel. There is still potential for the formation of a “Head and Shoulders” reversal pattern. At the time of publication of the Forex forecast, the US Dollar to Swiss Franc rate is 0.8799. Moving averages indicate a short-term bullish trend for the pair. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers and a potential continuation of growth in the value of the asset from current levels. At the moment, we should expect an attempt to develop the growth of the US Dollar against the Swiss Franc and test the support area near the level of 0.8765. Then, the price will rebound upward and continue to grow the US Dollar against the Swiss Franc with a potential target above the level of 0.9025.
USD/CHF Forecast Dollar Franc for March 1, 2024
An additional signal in favor of an increase in the Dollar Franc currency pair on FOREX will be a rebound from the trend line on the relative strength indicator (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the growth option for the USD/CHF pair on Forex will be a fall and a breakdown of the 0.8645 area. This will indicate a breakdown of the support area and a continuation of the fall of USD/CHF quotes to the area below the level of 0.8475. Expect confirmation of the growth of USD/CHF quotes with a breakdown of the resistance area and closing of the price above the level of 0.8835, which will indicate a breakdown of the upper boundary of the “Head and Shoulders” reversal pattern and the beginning of the pattern with targets above.
USD/CHF Forecast Dollar Franc for March 1, 2024 suggests an attempt to develop a correction and test the support area near the level of 0.8765. Further, the USD/CHF currency pair continues to grow with a target above the level of 0.9025. An additional signal in favor of a rise in the Dollar Franc pair will be a rebound from the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 0.8645 area. This will indicate a breakdown of the support level and a continued fall of the pair with a potential target below the level of 0.8475.
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