Currency pair Dollar Franc USD/CHF completes the trading week near the level of 0.8703. The pair continues to move within the bullish correction and the downward channel. 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 rise in prices and a test of the resistance area near the level of 0.8885. Further, a rebound down and an attempt to continue the fall of the currency pair with a potential target below the level of 0.8225.
USD/CHF Weekly Forecast August 7 — 11, 2023
An additional signal in favor of the fall 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 upper border of the descending channel. Cancellation of the USD/CHF fall option will be a strong growth and a breakdown of the 0.8995 area. This will indicate a breakdown of the resistance area and continued growth of the pair on Forex with a target above the 0.9265 area. The fall of the pair in the current trading week of August 7 — 11, 2023 will be confirmed by a breakdown of the support area and closing of quotes below the level of 0.8425.
USD/CHF Weekly Forecast August 7 — 11, 2023 suggests an attempt to continue the development of the correction and test the resistance level near the area of 0.8885. Then, the continuation of the fall of the USD/CHF pair to the area below the level of 0.8225. In favor of the decline will be a test of the trend line on the relative strength index (RSI). Cancellation of the USD/CHF fall option will be a breakdown of the resistance area and closing of quotes above the level of 0.8995. This will indicate the continued growth of the pair with a potential target above the level of 0.9265.
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