Currency pair Dollar Franc USD/CHF completes the trading week near the level of 0.8679. 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 rise in prices and a test of the resistance area near the level of 0.8875. Further, a rebound down and an attempt to continue the fall of the currency pair with a potential target below the level of 0.8205.
USD/CHF Weekly Forecast July 31 — August 4, 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 0.8975 area. This will indicate a breakdown of the resistance area and continued growth of the pair on Forex with a target above the 0.9205 area. The fall of the pair in the current trading week of July 31 — August 4, 2023 will be confirmed by a breakdown of the support area and closing of quotes below the level of 0.8415.
USD/CHF Weekly Forecast July 31 — August 4, 2023 suggests an attempt to continue the development of the correction and test the resistance level near the 0.8875 area. Then, the continuation of the fall of the USD/CHF pair to the area below the level of 0.8205. 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 0.8975. This will indicate the continued growth of the pair with a potential target above the level of 0.9205.
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