The USD/CHF currency pair continues to move within the framework of the decline and bullish channel development. At the time of the Forex forecast publication, the US Dollar to Swiss Franc exchange rate is 0.8663. The moving averages indicate the presence of a short-term bullish trend for the pair. Prices have broken through the area between the signal lines upwards, 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 0.8735. Then, the price will bounce downwards and the US Dollar will continue to fall against the Swiss Franc with a potential target below the mark of 0.8545.
USDCHF Forecast Dollar Franc for October 31, 2024
An additional signal in favor of a decline in the Dollar Franc currency pair on FOREX will be a rebound from the broken trend line on the relative strength indicator (RSI). The second signal will be a rebound from the upper border of the bullish channel. The cancellation of the option with a fall in the USD/CHF pair on Forex will be a strong growth and a breakout of the 0.8765 area. This will indicate a breakout of the resistance area and continued growth of USD/CHF quotes to the area above the level of 0.8935. Confirmation of the fall in USD/CHF quotes should be expected with a breakout of the support area and closing of the price below the level of 0.8575, which will indicate a breakout of the lower border of the bullish channel.
USDCHF Forecast Dollar Franc for October 31, 2024 suggests an attempt to develop a bullish correction and test the resistance area near the level of 0.8735. Next, the USD/CHF currency pair will continue to fall with a target below 0.8545. 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 0.8765 area. This will indicate a breakout of the resistance level and continued growth of the pair with a potential target above 0.8935.
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