Currency pair Dollar Franc USD/CHF completes the trading week near the level of 0.8806. The pair continues to move within the framework of growth and the beginning of the development of the bullish “Wolfe Wave” model. Moving averages indicate a bearish trend. Prices went down from the area between the signal lines, which indicates pressure from sellers of the US currency and a potential continuation of the fall of the instrument from current levels. At the moment, we should expect an attempt to develop a fall in prices and a test of the support area near the level of 0.8565. Further, a rebound upwards and an attempt to continue the growth of the currency pair with a potential target above the level of 0.9145.
USD/CHF Weekly Forecast August 21 — 25, 2023
An additional signal in favor of the rise of the Dollar Franc currency pair will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish Wolfe Wave pattern. Cancellation of the USD/CHF growth option 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 fall of the pair on Forex with a target below the 0.7925 area. Confirmation of the growth of the pair in the current trading week of August 21 — 25, 2023 will be a breakdown of the resistance area and closing of quotes above the level of 0.8855, which will indicate a breakdown of the upper limit of the descending channel.
USD/CHF Weekly Forecast August 21 — 25, 2023 suggests an attempt to continue the development of the correction and test the support level near the area of 0.8565. Then, the continuation of the growth of the USD/CHF pair to the area above the level of 0.9145. In favor of growth will be a test of the trend line on the relative strength index (RSI). Cancellation of the USD/CHF rise 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 fall of the pair with a potential target below the level of 0.7925.
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