Currency pair Dollar Franc USD/CHF continues to move as part of the correction and the downward channel. Here, too, an inverted head and shoulders pattern forms. At the time of the publication of the Forex forecast, the exchange rate of the US Dollar to the Swiss Franc is 0.9096. Moving averages indicate a short-term bearish trend for the pair. Prices bounced off the area between the signal lines, which indicates pressure from sellers and a potential continuation of the fall in the asset value from current levels. At the moment, we should expect an attempt to develop the growth of the US Dollar against the Swiss Franc and test the resistance area near the level of 0.9215. Then, the rebound and the continuation of the fall in the US Dollar against the Swiss Franc with a potential target below 0.8935.
USD/CHF Forecast Dollar Franc October 20, 2020
An additional signal in favor of the fall 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 the completion of the formation of the “Head and Shoulders” reversal pattern. Cancellation of the option to drop the USD/CHF pair on FOREX will be a strong growth and a breakdown of the 0.9305 area. This will indicate a breakdown of the resistance area and continued growth of the USD/CHF quotes to the area above the level of 0.9615. Expect confirmation of a fall in USD/CHF quotes with the breakdown of the support area and closing below 0.9045.
USD/CHF Forecast Dollar Franc October 20, 2020 suggests an attempt to test the resistance area near the level of 0.9215. Further, the continuation of the fall of the USD/CHF currency pair with a target below the level of 0.8935. An additional signal in favor of reducing the Dollar/Franc pair will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of the 0.9305 area. This will indicate a breakdown of the resistance level and a continued rise in the pair with a potential target above the level of 0.9615.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
