Currency pair Dollar Franc USD/CHF continues to move as part of the growth and the formation of an inverted ”Head and Shoulders” reversal pattern. At the time of the publication of the Forex forecast, the exchange rate of the US Dollar to the Swiss Franc is 0.9175. Moving averages indicate a short-term bearish trend for the pair. Prices broke through the areas between the signal lines upwards, which indicates pressure from buyers and a potential continuation of the rise in the asset value from the current levels. At the moment, we should expect an attempt to develop a fall in the US Dollar rate against the Swiss Franc and a test of the support area near the level of 0.9035. Then, the rebound and the continuation of the rise in the US Dollar against the Swiss Franc with a potential target above 0.9395.
USD/CHF Forecast Dollar Franc November 12, 2020
An additional signal in favor of a rise in 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 inverted ”Head and Shoulders” pattern. Cancellation of the growth option for the USD/CHF pair on Forex will be a fall and a breakdown of the 0.8935 area. This will indicate a breakdown of the support area, as well as the lower border of the ascending channel and the continuation of the fall in the USD/CHF quotes to the area below the level of 0.8625. Expect confirmation of the growth of the USD/CHF quotes with the breakdown of the resistance area and closing above the level of 0.9245, indicating a breakdown of the upper border of the descending channel.
USD/CHF Forecast Dollar Franc November 12, 2020 suggests an attempt to test the support area near the level of 0.9035. Further, the continued growth of the USD/CHF currency pair with a target above the level of 0.9395. 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 0.8935 area. This will indicate a breakdown of the support level and the continuation of the fall of the pair with a potential target below 0.8625.
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