Currency pair Dollar Franc USD/CHF ontinues to move within the correction and bullish channel. At the time of publication of the Forex forecast, the exchange rate of the US Dollar to the Swiss Franc is 0.8959. Moving averages indicate the presence of a short-term bullish trend in the pair. Prices broke through the area between the signal lines upwards, which indicates pressure from buyers and a potential continuation of the growth of the asset’s value from the current levels. At the moment, we should expect a demand for the development of a correction of the US dollar against the Swiss franc and a test of the support area near the level of 0.8915. Then, a rebound upwards and a continuation of the growth of the US Dollar against the Swiss Franc with a potential target at the level of 0.9065.
USD/CHF Forecast Dollar Franc for May 16, 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 indicator (RSI). The second signal will be a rebound from the lower border of the bullish channel. A fall and breakdown of the area of 0.8870 will cancel the option of the rise of the USD/CHF pair on Forex. This will indicate a breakdown of the support area and a continuation of the fall of the USD/CHF quotes to the area below the level of 0.8765. It is worth waiting for confirmation of the growth of USD/CHF quotes with a breakdown of the resistance area and closing the price above the level of 0.8995.
USD/CHF Forecast Dollar Franc for May 16, 2023 suggests a demand for the development of a correction and a test of the support area near the level of 0.8915. Further, the continuation of the growth of the currency pair USD/CHF with the goal below the level of 0.9065. A rebound from the trend line on the relative strength indicator will be an additional signal in favor of the rise of the Dollar-Frank pair. A fall and breakdown of the 0.8870 area will cancel the growth option. This will indicate a breakdown of the support level and the continuation of the fall of the pair with a potential target below the level of 0.8765.
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