The USD/CHF currency pair continues to move within the framework of growth development and the beginning of the “Triangle” model development. At the time of the Forex forecast publication, the US Dollar to Swiss Franc exchange rate is 0.8581. The moving averages indicate the presence of a short-term bearish trend for the pair. Prices are again testing the area between the signal lines, which indicates pressure from sellers and a potential continuation of the asset’s fall 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 level of 0.8465. Then, the price will rebound upward and the US Dollar will continue to grow against the Swiss Franc with a potential target above the mark of 0.8795.
USDCHF Forecast Dollar Franc for October 8, 2024
An additional signal in favor of the rise of the Dollar Franc currency pair on FOREX will be a rebound from the broken trend line on the relative strength indicator (RSI). The second signal will be a rebound from the upper border of the “Triangle” pattern. The cancellation of the option with the growth of the USD/CHF pair on Forex will be a fall and a breakout of the 0.8345 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 0.8175. 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 0.8615.
USDCHF Forecast Dollar Franc for October 8, 2024 suggests an attempt to develop the decline and test the support area near the level of 0.8465. Further, the continuation of the growth of the USD/CHF currency pair with a target above the level of 0.8795. 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 cancellation of the growth option will be a fall and a breakout of the 0.8345 area. This will indicate a breakout of the support level and a continuation of the decline of the pair with a potential target below the level of 0.8175.
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