The USD/CHF currency pair continues to move within the fall and bearish channel. At the time of publication of the Forex forecast, the US Dollar to Swiss Franc rate is 0.9061. Moving averages indicate the presence of a short-term downward trend in 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 0.9110. Then, the price rebounds downwards and the US Dollar continues to fall against the Swiss Franc with a potential target below the level of 0.8920.
USD/CHF Forecast Dollar Franc for May 8, 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 lower border of the bullish channel. Cancellation of the option to reduce the USD/CHF pair on Forex will be a strong growth and a breakdown of the 0.9175 area. This will indicate a breakdown of the resistance area and continued growth of USD/CHF quotes to the area above the level of 0.9365. 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 0.9010.
USD/CHF Forecast Dollar Franc for May 8, 2024 suggests an attempt to develop a bullish correction and test the resistance area near the level of 0.9110. Next, the USD/CHF currency pair will continue to fall with a target below the level of 0.8920. 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 0.9175 area. This will indicate a breakdown of the resistance level and continued rise of the pair with a potential target above the level of 0.9365.
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