Currency pair USD/CHF Dollar/Franc completes the trading week near the level of 0.9007. The pair continues to move within the correction and left the limits of 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 price reduction and test the support area near the level of 0.8915. Further, a rebound upwards and an attempt to continue the growth of the pair with a potential target above the level of 0.9475.
USD/CHF Weekly Forecast June 12 — 16, 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 upper border of the descending channel. Cancellation of the USD/CHF growth option will be a fall and a breakdown of the 0.8745 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 0.8465 area. Confirmation of the growth of the pair in the current trading week of June 12 — 16, 2023 will be a breakdown of the resistance area and the closing of quotes above the level of 0.9135, this level was tested by buyers all last week, but could not gain a foothold above it.
USD/CHF Weekly Forecast June 12 — 16, 2023 suggests an attempt to continue the development of the correction and test the support level near the area of 0.8915. Then, the continuation of the growth of USD/CHF to the area above the level of 0.9475. In favor of the rise will be a test of the trend line on the relative strength index (RSI). Cancellation of the USD/CHF growth option will be a breakdown of the support area and closing of quotes below the level of 0.8745. This will indicate a continued decline in the pair with a potential target below the level of 0.8465.
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