Currency pair Dollar Franc USD/CHF ends the trading week near the level of 0.8963. The pair continues to move within the framework of growth and has left the bearish 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 fall and a test of the support area near the level of 0.8890. Next, a rebound upwards and an attempt to continue the growth of the currency pair with a potential target above the level of 0.9475.
USD/CHF Weekly Forecast September 18 — 22, 2023
An additional signal in favor of a rise 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 downward channel, which was broken upward by buyers. Cancellation of the USD/CHF growth option will be a fall and a breakdown of the 0.8535 area. This will indicate a breakdown of the support area and a continuation of the pair’s fall on Forex with a target below the 0.8135 area. Confirmation of the growth of the pair in the current trading week of September 18 — 22, 2023 will be a breakdown of the resistance area and closing of quotes above the level of 0.9305, which will indicate a breakdown of the upper boundary of the downward channel.
Among the important news from Switzerland that may have an impact on the rate of the Swiss Franc against the US Dollar, it is worth highlighting: Swiss National Bank (SNB) Interest Rate Decision, Press Conference of the Swiss National Bank (SNB) News Conference.
USD/CHF Weekly Forecast September 18 — 22, 2023 assumes an attempt to develop a correction and test the support level near the 0.8890 area. Then, the USD/CHF pair continues to grow to the area above the level of 0.9475. 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 0.8535. This will indicate a continuation of the pair’s fall with a potential target below the level of 0.8135.
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