Currency pair Dollar Franc USD/CHF continues to move as part of the fall and the downward channel. At the time of the publication of the Forex forecast, the rate of the US Dollar to the Swiss Franc is 0.9125. There is a potential for the formation of the “Head and Shoulders” reversal pattern, according to which we have already given a signal in our closed group. Moving averages indicate a short-term bearish trend for the pair. Prices broke through the area between the signal lines downward, which indicates pressure from sellers and a potential continuation of the fall in the asset value from the current levels. At the moment, we should expect an attempt to continue the development of the depreciation of the US Dollar against the Swiss Franc and a test of the support area near the level of 0.9105. Then, a rebound upward and the beginning of the rise in the US Dollar rate against the Swiss Franc with a potential target above 0.9325 as part of the reversal pattern development.
USD/CHF Forecast Dollar Franc November 5, 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 breakdown of the upper border of the descending channel. Cancellation of the option to raise the USD/CHF pair on Forex will be a fall and a breakdown of the 0.9045 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 0.8815. Expect confirmation of a rise in USD/CHF quotes with the breakdown of the resistance area and closing the price above 0.9205, which will indicate a breakdown of the upper border of the bearish correction channel.
USD/CHF Forecast Dollar Franc November 5, 2021 suggests an attempt to test the support area near the level of 0.9105. Further, the continued growth of the USD/CHF currency pair with a target above the level of 0.9325. An additional signal in favor of the growth of the Dollar/Franc pair will be a test of the bullish trend line on the relative strength index (RSI). Cancellation of the upside option will be a fall and a breakdown of the 0.9045 area. This will indicate a breakdown of the support level and a continued decline in the pair with a potential target below 0.8815.
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