The USD/CHF currency pair continues to move within the fall 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 0.9116. Moving averages indicate a short-term bullish trend for the pair. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers and a potential continuation of the fall in the value of the asset from current levels. At the moment, we should expect an attempt to develop a rise in the US Dollar rate against the Swiss Franc and a test of the resistance area near the level of 0.9150. Then, the price rebounds downwards and the US Dollar continues to fall against the Swiss Franc with a potential target below the level of 0.9020.
USD/CHF Forecast Dollar Franc for May 3, 2024
An additional signal in favor of a decline 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 upper boundary of the Head and Shoulders reversal pattern. Cancellation of the option to reduce the USD/CHF pair on Forex will be a strong growth and a breakdown of the 0.9275 area. This will indicate a breakdown of the resistance area and continued growth of USD/CHF quotes to the area above the level of 0.9445. Expect confirmation of a fall in USD/CHF quotes with a breakdown of the support area and closing of the price below the level of 0.9065, which will indicate a breakdown of the lower boundary of the “Head and Shoulders” reversal pattern.
USD/CHF Forecast Dollar Franc for May 3, 2024 suggests an attempt to develop a bullish correction and test the resistance area near the level of 0.9150. Next, the USD/CHF currency pair will continue to fall with a target below the level of 0.9020. An additional signal in favor of a decline in the Dollar Franc pair will be a rebound from the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of the 0.9275 area. This will indicate a breakdown of the resistance level and continued rise of the pair with a potential target above the level of 0.9445.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
