The USD/CHF currency pair continues to move as part of the growth and formation of the Double Top reversal pattern. At the time of publication of the Forex forecast, the US Dollar to Swiss Franc rate is 0.9060. 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 bullish correction of the US Dollar against the Swiss Franc and a test of the resistance area near the level of 0.9115. Then, the price rebounds downwards and the US Dollar continues to fall against the Swiss Franc with a potential target below the level of 0.8805.
USD/CHF Forecast Dollar Franc for May 31, 2024
An additional signal in favor of a decline in the Dollar Franc currency pair on FOREX will be a rebound from the bearish trend line on the relative strength indicator (RSI). The second signal will be a rebound from the upper boundary of the Double Top reversal pattern. Cancellation of the option for the USD/CHF pair to fall 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 0.9425. 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 0.8975, which will indicate a breakdown of the lower boundary of the Double Top reversal pattern.
USD/CHF Forecast Dollar Franc for May 31, 2024 suggests an attempt to develop a bullish correction and test the resistance area near the level of 0.9115. Further, the USD/CHF currency pair continues to fall with a target below the level of 0.8805. 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 0.9425.
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