The Dollar Franc USD/CHF currency pair continues to move within the correction and formation of the ”Double Bottom" reversal model. At the time of publication of the Forex forecast, the US Dollar/Swiss Franc exchange rate is 0.8956. Moving averages indicate the presence of a short-term bearish trend for the pair. Prices broke through the area between the signal lines down, which indicates pressure from sellers and the potential continuation of the fall in the value of the asset 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 0.8935. Then, the rebound and the beginning of the growth of the US Dollar against the Swiss Franc with a potential target above the level of 0.9125.
An additional signal in favor of the rise of the Dollar Franc currency pair on FOREX will be a rebound from the trend line on the relative strength indicator (RSI). The second signal will be a rebound from the support area. The cancellation of the option of lifting the USD/CHF pair on Forex will be a fall and a breakdown of the 0.8865 area. This will indicate the breakdown of the support area and the continuation of the fall of the USD/CHF quotes to the area below the level of 0.8705. Expect confirmation of the rise in USD/CHF quotes with a breakdown of the resistance area and the price closing above the level of 0.9065, which will indicate the completion of the formation of a reversal model.
Forex USD/CHF. Dollar Franc signals for June 11, 2021
Important news from Switzerland, which may have an impact on the USD/CHF rate, is not expected, so the pair will continue to move within the framework of technical analysis.
Thus, the USD/CHF forecast for the Dollar Franc on June 11, 2021 suggests an attempt to test the support area near the level of 0.8935. Further, the growth of the USD/CHF currency pair will continue with a target above the level of 0.9125. An additional signal in favor of the rise of the Dollar-Franc pair will be a test of the trend line on the relative strength indicator. The cancellation of the rise option will be a fall and a breakdown of the 0.8865 area. This will indicate a breakdown of the support level and a continuation of the pair's decline with a potential target below the level of 0.8705.