Currency pair Dollar Franc USD/CHF ends the trading week near the level of 0.9081. The pair continues to move as part of the development of the correction and the bullish channel. Moving averages indicate a bearish trend. Prices are again testing the area between the signal lines, which indicates pressure from sellers of the American currency and a potential continuation of the instrument’s fall from current levels. At the moment, we should expect an attempt to develop a price decline and a test of the support area near the level of 0.8915. Next, a rebound upwards and an attempt to continue the growth of the currency pair with a potential target above the level of 0.9595.
USD/CHF Weekly Forecast October 16 — 20, 2023
An additional signal in favor of an increase in the Dollar Franc currency pair will be a test of the broken trend line on the relative strength indicator (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the USD/CHF growth option will be a fall and a breakdown of the 0.8595 area. This will indicate a breakdown of the support area and a continued fall of the pair on Forex with a target below the 0.8315 area. Confirmation of the growth of the pair in the current trading week of October 16 — 20, 2023 will be a breakdown of the resistance area and closing of quotes above the level of 0.9365, which will indicate a breakdown of the upper boundary of the downward channel.
USD/CHF Weekly Forecast October 16 — 20, 2023 assumes an attempt to develop a correction and test the support level near the 0.8915 area. Then, the USD/CHF pair continues to grow to the area above the level of 0.9595. A test of the trend line on the relative strength index (RSI) will support growth. Cancellation of the USD/CHF rise option will be a breakdown of the support area and closing of quotes below the level of 0.8595. This will indicate a continuation of the pair’s fall with a potential target below the level of 0.8315.
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