Currency pair Dollar Franc USD/CHF continues to move within the framework of growth and the beginning of the development of the bullish “Wolfe Wave” model. Moving averages indicate a bearish trend. Prices are again testing 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 fall in prices and a test of the support area near the level of 0.8645. Further, a rebound upwards and an attempt to continue the growth of the currency pair with a potential target above the level of 0.9175.
USD/CHF Weekly Forecast September 4 — 8, 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 lower border of the bullish Wolfe Wave pattern. Cancellation of the USD/CHF growth option will be a fall and a breakdown of the 0.8375 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 0.8025 area. Confirmation of the growth of the pair in the current trading week September 4 — 8, 2023 will be a breakdown of the resistance area and closing of quotes above the level of 0.8905, which will indicate a breakdown of the upper limit of the downward channel.
USD/CHF Weekly Forecast September 4 — 8, 2023 suggests an attempt to develop a correction and test the support level near the area of 0.8645. Then, the continuation of the growth of the USD/CHF pair to the area above the level of 0.9175. In favor of growth will be a test of the trend line on the relative strength index (RSI). Cancellation of the USD/CHF rise option will be a breakdown of the support area and closing of quotes below the level of 0.8375. This will indicate a continuation of the fall of the pair with a potential target below the level of 0.8025.
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