Currency pair Dollar Franc USD/CHF continues to move as part of the correction and formation of the «Head and Shoulders» reversal pattern. At the time of the publication of the Forex forecast, the rate of the US Dollar to the Swiss Franc is 0.9926. Moving averages indicate the presence of a short-term bullish trend for the pair, prices returned to the area between the signal lines. At the moment, we should expect an attempt to continue the growth of the Dollar against the Franc and test the resistance area near the level of 0.9965. Then, a rebound and continued depreciation of the US Dollar against the Swiss Franc with a potential target below 0.9765.
USD/CHF Forecast Dollar Franc October 31, 2019
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 a rebound from the lower boundary of the ascending channel. Cancellation of the option of falling USD/CHF pair on Forex will be a strong growth and a breakdown of the area of 1.0055. This will indicate a breakdown of the resistance area and continued growth of USD/CHF quotes to the area above the level of 1.0185. Expect confirmation of a fall in the USD/CHF quotes with the breakdown of the support area and closing below the level of 0.9805, which will indicate the completion of the formation of a reversal model.
Among the important news from Switzerland that may have an impact on the USD/CHF rate, it is worth highlighting: Swiss National Bank (SNB) Chairman Jordan Speech.
USD/CHF Forecast Dollar Franc October 31, 2019 implies an attempt to test the resistance area near the level of 0.9965. Further, the continuation of the fall of the USD/CHF currency pair with a target below the level of 0.9765. An additional signal in favor of reducing the pair Dollar/Franc 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 the breakdown of the area of 1.0055. This will indicate a breakdown of the resistance level and the continuation of the rise of the pair with a potential target above the level of 1.0185.