Currency pair Dollar Franc USD/CHF ends the trading week near the level of 0.8754. The pair continues to move as part of the development of a correction and the formation of a “Double Bottom” reversal pattern. Moving averages indicate a bearish trend. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers of the American currency and a potential continuation of the instrument’s decline from current levels. At the moment, we should expect an attempt to develop a price fall and a test of the support area near the level of 0.8525. Next, a rebound upwards and an attempt to continue the growth of the currency pair with a potential target above the level of 0.9235.
USD/CHF Forecast February 12 — 16, 2024
An additional signal in favor of growth in the Dollar Franc currency pair will be a test of the trend line on the relative strength indicator (RSI). The second signal will be a rebound from the upper border of the downward channel. Cancellation of the USD/CHF rise will be a fall and a breakdown of the 0.8245 area. This will indicate a breakdown of the support area and a continuation of the pair’s fall on Forex with a target below the 0.7935 area. Confirmation of the growth of the pair in the current trading week of February 12 — 16, 2024 will be a breakdown of the resistance area and closing of quotes above the level of 0.9024, which will indicate a breakdown of the upper boundary of the downward channel.
USD/CHF Forecast February 12 — 16, 2024 assumes an attempt to develop a correction and test the support level near the 0.8525 area. Then, the USD/CHF pair continues to grow to the area above the level of 0.9235. A test of the trend line on the relative strength index (RSI) will support the rise. Cancellation of the USD/CHF growth option will be a breakdown of the support area and closing of quotes below the level of 0.8245. This will indicate a continuation of the pair’s fall with a potential target below the level of 0.7935.
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