The USD/CHF currency pair continues to move within the framework of the growth and bullish channel development. At the time of the Forex forecast publication, the US Dollar to Swiss Franc exchange rate is 0.8650. Moving averages indicate the presence of a short-term bearish trend for the pair. Prices have broken through the area between the signal lines upwards, which indicates pressure from buyers and potential continuation of the asset’s value growth from the current levels. At the moment, we should expect an attempt to develop a decline in the US Dollar against the Swiss Franc and a test of the support area near the 0.8610 level. Then, the price will rebound upwards and the US Dollar will continue to grow against the Swiss Franc with a potential target above the 0.8775 mark.
USDCHF Forecast Dollar Franc for October 22, 2024
An additional signal in favor of the rise of the Dollar Franc currency pair on FOREX will be a rebound from the bullish trend line on the relative strength indicator (RSI). The second signal will be a rebound from the lower border of the bullish channel. The cancellation of the option with the growth of the USD/CHF pair on Forex will be a fall and a breakout of the 0.8585 area. This will indicate a breakout of the support area and a continuation of the fall of USD/CHF quotes to the area below the level of 0.8365. Confirmation of the growth of USD/CHF quotes should be expected with a breakout of the resistance area and closing of the price above the level of 0.8715, which will indicate a breakout of the upper border of the bullish channel, and this is a signal for growth by the width of the channel.
USDCHF Forecast Dollar Franc for October 22, 2024 suggests an attempt to develop a bearish correction and test the support area near the level of 0.8610. Next, the USD/CHF currency pair will continue to grow with a target above 0.8775. 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 indicator. The growth option will be cancelled by a fall and a breakout of the 0.8585 area. This will indicate a breakout of the support level and a continuation of the pair’s decline with a potential target below 0.8365.
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