Currency pair Dollar Franc USD/CHF ends the trading week near the level of 0.8995. The pair continues to move as part of the development of the correction and bearish channel. Moving averages indicate a bearish trend. Prices are again testing the area between the signal lines, 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 0.9145. Next, a rebound downwards and an attempt to continue the fall of the currency pair with a potential target below the level of 0.8375.
USD/CHF Forecast November 6 — 10, 2023
An additional signal in favor of a fall in the Dollar Franc currency pair will be a test of the bearish 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 fall option will be a strong growth and breakdown of the 0.9405 area. This will indicate a breakdown of the resistance area and continued growth of the pair on Forex with a target above the 0.9645 area. Confirmation of the fall of the pair in the current trading week of November 6 — 10, 2023 will be a breakdown of the support area and closing of quotes below the level of 0.8825, which will indicate a breakdown of the lower boundary of the bearish Wolfe Wave pattern.
USD/CHF Forecast November 6 — 10, 2023 assumes an attempt to develop a correction and test the support level near the 0.8765 area. Then, the USD/CHF pair continues to grow to the area above the level of 0.9735. A test of the trend line on the relative strength index (RSI) will support growth. Cancellation of the USD/CHF rise option will be a breakdown of the support area and closing of quotes below the level of 0.8525. This will indicate a continuation of the pair’s fall with a potential target below the level of 0.8245.
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