Currency pair USD/CHF US Dollar to Swiss Franc is trading at 0.8791 and continues to move within the correction and the bullish channel. The pair is trading above the upper border of the Cloud indicator Ichimoku Kinko Hyo. This indicates the presence of a bullish trend in the Dollar Franc pair. As part of the forecast for the US Dollar to the Swiss Franc for today August 31, 2023. It is expected that the correction will continue to develop and the lower border of the Cloud of the Ichimoku Kinko Hyo indicator near the level of 0.8785 is expected to be tested. Where should we expect an attempt to rebound upwards and continue the growth of the pair with a potential target near the level of 0.8965.
Dollar Franc Forecast USD/CHF for August 31, 2023
An additional signal in favor of the growth of the USD/CHF currency pair on Forex will be a rebound from the support area on the price chart. The second signal will be a rebound from the lower border of the bullish channel. Earlier, a weak signal was received for selling the USD/Frank pair. The signal was formed due to the crossing of the signal lines at the level of 0.8815. The nearest resistance area for the Dollar Franc is at 0.8875. The nearest support area for the USD/CHF pair is located near the 0.8745 area.
Cancellation of the growth option for the USD/CHF pair quotes will be a breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes below the 0.8735 area. This option will indicate a change in the bullish trend in favor of the bearish trend and the continued fall of the asset in the Forex market. Expect an acceleration in the growth of USD/CHF quotes with a breakdown of the resistance level and closing below the level of 0.8845, which will indicate a breakdown of the upper limit of the bearish correction channel.
Dollar Franc Forecast USD/CHF for August 31, 2023 suggests an attempt to test the support level near the 0.8785 area. Where should we expect the continuation of the growth of the currency pair on Forex with a potential target near the level of 0.8965. Cancellation of the option of lifting the pair will be a breakdown of the area of 0.8735. This will indicate a continued fall in the US Dollar against the Swiss Franc with a target below 0.8525.
