Currency pair Dollar Franc USD/CHF ends the trading week near the level of 0.8529. The pair continues to move as part of the development of the fall and the formation of the 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 0.8475. Next, a rebound upwards and an attempt to continue the growth of the currency pair with a potential target above the level of 0.8975.
USD/CHF Forecast January 8 — 12, 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 lower border of the Double Bottom reversal pattern. Cancellation of the USD/CHF rise will be a fall and a breakdown of the 0.8235 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 0.7965 area. Confirmation of the pair’s growth in the current trading week of January 8 — 12, 2024 will be a breakdown of the resistance area and closing of quotes above the level of 0.8755, which will indicate a breakdown of the upper boundary of the downward channel.
USD/CHF Forecast January 8 — 12, 2024 assumes an attempt to develop a correction and test the support level near the 0.8475 area. Then, the USD/CHF pair continues to grow to the area above the level of 0.8975. 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 0.8235. This will indicate a continuation of the pair’s fall with a potential target below the level of 0.7965.
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