The USD/CHF currency pair continues to move within the framework of the decline development and the formation of the “Head and Shoulders” reversal pattern. At the time of the Forex forecast publication, the US Dollar to Swiss Franc exchange rate is 0.8833. The moving averages indicate the presence of a short-term upward trend for the pair. Prices are testing the area between the signal lines, which indicates pressure from buyers and potential continuation of the asset’s value growth from the current levels. At the moment, we should expect an attempt to develop the growth of the US Dollar against the Swiss Franc and a test of the resistance area near the level of 0.8875. Then, a downward price rebound and a continuation of the fall of the US Dollar against the Swiss Franc with a potential target below the mark of 0.8625.
USDCHF Forecast Dollar Franc for November 29, 2024
An additional signal in favor of the decline of the Dollar Franc currency pair on FOREX will be a rebound from the resistance line on the relative strength indicator (RSI). The second signal will be a rebound from the upper border of the “Head and Shoulders” reversal pattern. The cancellation of the option with the fall of the USD/CHF pair on Forex will be a strong growth and a breakout of the 0.8965 area. This will indicate a breakout of the resistance area and continued growth of USD/CHF quotes to the area above the 0.9185 level. Confirmation of the fall of USD/CHF quotes should be expected with a breakout of the support area and closing of the price below the 0.8755 level, which will indicate a breakout of the lower border of the reversal pattern “Head and Shoulders” and the beginning of the pattern with targets below.
USDCHF Forecast Dollar Franc for November 29, 2024 suggests an attempt to develop a bullish correction and test the resistance area near the 0.8875 level. Further, the continuation of the fall of the USD/CHF currency pair with a target below the 0.8625 level. An additional signal in favor of a decline in the Dollar Franc pair will be a rebound from the trend line on the relative strength indicator. The cancellation of the fall option will be a strong growth and a breakout of the 0.8965 area. This will indicate a breakout of the resistance level and continued growth of the pair with a potential target above the level of 0.9185.
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