Currency pair Dollar Franc USD/CHF continues to move as part of the correction and the formation of the ”Double Bottom” reversal pattern. At the time of the publication of the Forex forecast, the rate of the US Dollar to the Swiss Franc is 0.8991. Moving averages indicate a short-term bearish trend for the pair. Prices are testing 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 depreciation of the US Dollar against the Swiss Franc and a test of the support area near the level of 0.8945. Then, a rebound and the beginning of the growth of the US Dollar against the Swiss Franc with a potential target above the level of 0.9195.
USD/CHF Forecast Dollar Franc June 16, 2021
An additional signal in favor of the rise of the Dollar Franc currency pair on FOREX will be a rebound from the trend line on the relative strength index (RSI). The second signal will be a rebound from the support area. Cancellation of the option to raise the USD/CHF pair on Forex will be a fall and a breakdown of the 0.8855 area. This will indicate a breakdown of the support area and a continued fall in the USD/CHF quotes to the area below the level of 0.8705. Expect confirmation of a rise in the USD/CHF quotes with the breakdown of the resistance area and closing the price above the level of 0.9095, which will indicate the completion of the formation of the “Double Bottom” reversal pattern.
USD/CHF Forecast Dollar Franc June 16, 2021 suggests an attempt to test the support area near the level of 0.8945. Further, the continued growth of the USD/CHF currency pair with a target above the level of 0.9195. 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 upside option will be a fall and a breakdown of the 0.8855 area. This will indicate a breakdown of the support level and a continued decline in the pair with a potential target below 0.8705.
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