Currency pair Dollar Franc USD/CHF ends the trading week near the level of 0.8884. The pair continues to move as part of the development of the correction and the formation of the bearish Wolfe Wave 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 price growth and test the resistance area near the level of 0.9165. Next, a rebound downwards and an attempt to continue the fall of the currency pair with a potential target below the level of 0.8365.
USD/CHF Forecast November 20 — 24, 2023
An additional signal in favor of a fall 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 bearish Wolfe Wave pattern. Cancellation of the USD/CHF fall option will be a strong growth and breakdown of the 0.9425 area. This will indicate a breakdown of the resistance area and continued growth of the pair on Forex with a target above the 0.9685 area. Confirmation of the fall of the pair in the current trading week of November 20 — 24, 2023 will be a breakdown of the support area and closing of quotes below the level of 0.8845, which will indicate a breakdown of the lower boundary of the bearish Wolfe Wave pattern.
USD/CHF Forecast November 20 — 24, 2023 assumes an attempt to develop a correction and test the resistance level near the 0.9165 area. Then, the USD/CHF pair continues to fall to the area below the level of 0.8365. A test of the trend line on the relative strength index (RSI) will support a decline. Cancellation of the USD/CHF fall option will be a breakdown of the resistance area and closing of quotes above the level of 0.9425. This will indicate a continued rise in the pair with a potential target above the level of 0.9685.
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