Currency pair Dollar Franc USD/CHF continues to move within the correction and the downward channel. At the time of the publication of the Forex forecast, the exchange rate of the US Dollar to the Swiss Franc is 0.8893. Moving averages indicate the presence of a short-term bearish trend for the pair. Prices have broken through the area between the signal lines down, which indicates pressure from sellers and a potential continuation of the fall in the value of the asset already from current levels. At the moment, we should expect an attempt to develop a correction in the US Dollar against the Swiss Franc and a test of the resistance area near the level of 0.8845. Then, a bounce up and continued growth of the US Dollar against the Swiss Franc with a potential target above the level of 0.9145.
USD/CHF Forecast Dollar Franc for May 11, 2023
An additional signal in favor of the growth of the Dollar Franc currency pair on FOREX will be a rebound from the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the Head and Shoulders reversal pattern. Cancellation of the option to raise the USD/CHF pair on Forex will be a fall and a breakdown of the 0.8775 area. This will indicate a breakdown of the support area and a continued fall in USD/CHF quotes to the area below the level of 0.8515. 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 0.8975, which will indicate a breakdown of the upper border of the “Head and Shoulders” reversal pattern and the beginning of the pattern with targets at the top.
USD/CHF Forecast Dollar Franc for May 11, 2023 3 suggests an attempt to develop a correction and test the support area near the level of 0.8845. Further, the continued growth of the USD/CHF currency pair with a target below the level of 0.9145. 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 index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 0.8775 area. This will indicate a breakdown of the support level and a continuation of the fall of the pair with a potential target below the level of 0.8515.
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