Currency pair Dollar Franc USD/CHF continues to move as part of a decline and a downward channel. At the time of the publication of the Forex forecast, the exchange rate of the US Dollar to the Swiss Franc is 0.8799. Moving averages indicate a short-term bearish trend for the pair. Prices went down again from the area between the signal lines, which indicates pressure from sellers and a potential continuation of the fall in the value of the asset from the current levels. At the moment, we should expect an attempt to develop a slight decrease in the US Dollar rate against the Swiss Franc and a test of the support area near the level of 0.8785. Then, the rebound and the beginning of the rise in the US Dollar against the Swiss Franc with a potential target above 0.9075 as part of the start of the “Double Bottom” reversal pattern.
USD/CHF Forecast Dollar Franc January 6, 2021
An additional signal in favor of the rise of the Dollar Franc currency pair on FOREX will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the reversal pattern. Cancellation of the growth option for the USD/CHF pair on Forex will be a fall and a breakdown of the 0.8725 area. This will indicate a breakdown of the support area, as well as the lower border of the descending channel and a continued fall in the USD/CHF quotes to the area below the level of 0.8585. Expect confirmation of the growth of the USD/CHF quotes with the breakdown of the resistance area and closing above the level of 0.8965, which will indicate the completion of the formation of the reversal pattern.
USD/CHF Forecast Dollar Franc January 6, 2021 suggests an attempt to test the support area near the level of 0.8785. Further, the continued growth of the USD/CHF currency pair with a target above the level of 0.9075. An additional signal in favor of raising the Dollar/Franc pair will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 0.8725 area. This will indicate a breakdown of the support level and the continued fall of the pair with a potential target below 0.8585.
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