Currency pair Dollar Franc USD/CHF completes the trading week near the level of 0.8618. The pair continues to move within the framework of the fall and the descending 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 bullish price correction and a test of the resistance area near the level of 0.8705. Further, a rebound down and an attempt to continue the fall of the pair with a potential target below the level of 0.8185.
USD/CHF Weekly Forecast July 17 — 21, 2023
An additional signal in favor of a decrease in 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 0.8865 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 July 17 — 21, 2023 will be confirmed by a breakdown of the support area and closing of quotes below the level of 0.8495.
USD/CHF Weekly Forecast July 17 — 21, 2023 suggests an attempt to continue the development of the correction and test the resistance level near the area of 0.8705. Then, the continuation of the fall of USD/CHF to the area below the level of 0.8185. 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 0.8865. This will indicate the continued growth of the pair with a potential target above the level of 0.9265.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
