The USD/CHF currency pair continues to move within the development of a correction and a bullish channel. At the time of publication of the Forex forecast, the US Dollar to Swiss Franc exchange rate is 0.8655. Moving averages indicate a short-term bearish trend for the pair. Prices have broken through the area between the signal lines upwards, which indicates pressure from buyers and a potential continuation of the asset’s value growth from the current levels. At the moment, we should expect an attempt to develop a decline in the US Dollar against the Swiss Franc and a test of the support area near the level of 0.8615. Then, a price rebound upwards and continued growth of the US Dollar against the Swiss Franc with a potential target above 0.8735.
USDCHF Forecast Dollar Franc for October 23, 2024
An additional signal in favor of the rise of the Dollar Franc currency pair on FOREX will be a rebound from the bullish trend line on the relative strength indicator (RSI). The second signal will be a rebound from the lower border of the bullish channel. The option with the growth of the USD/CHF pair on Forex will be cancelled by a fall and a breakout of the 0.8585 area. This will indicate a breakout of the support area and a continuation of the fall of USD/CHF quotes to the area below the 0.8365 level. Confirmation of the growth of USD/CHF quotes should be expected with a breakout of the resistance area and the price closing above the 0.8675 level.
USDCHF Forecast Dollar Franc for October 23, 2024 suggests an attempt to develop a bearish correction and test the support area near the 0.8615 level. Further, the continuation of the growth of the USD/CHF currency pair with a target above the 0.8735 level. An additional signal in favor of the rise of the Dollar Franc pair will be a rebound from the trend line on the relative strength indicator. The growth scenario will be cancelled if the pair falls and breaks through the 0.8585 area. This will indicate a breakout of the support level and a continuation of the pair’s decline with a potential target below the 0.8365 level.
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