FX.co ★ blaise.rogahn | USD/CHF

Hello traders, The currency pair USD/CHF continues to move within the forming corrective and bearish channel. The moving averages indicate a short-term bullish trend for the pair. Prices have broken below the zone between the signal lines, signaling bearish pressure and a possible continuation of the asset's decline from current levels. Currently, we expect an attempt for further strengthening of USD/CHF and a test of the resistance zone near 0.7915. This may be followed by a price bounce and a continuation of the USD/CHF downtrend with a potential target below 0.7815. An additional signal supporting the decline of the USD/CHF currency pair will be a rebound from the resistance line of the Relative Strength Index (RSI) indicator. The second signal will be a reflection from the upper boundary of the descending channel. A strong rally and a breakthrough of the 0.7965 zone will neutralize the USD/CHF decline. This indicates a breakthrough of the resistance zone and a continued rise in USD/CHF quotes above 0.8145. Expect confirmation of the USD/CHF decline with a breakthrough of the support zone and a price close below 0.7845. The USD/CHF forecast suggests an attempt to develop a bullish correction and test the resistance area near 0.7915. Further decline of the USD/CHF currency pair is expected with a target below 0.7815. A rebound from the trend line on the Relative Strength Index (RSI) indicator will be an additional signal for the pair's decline. A strong rise and a breakthrough of 0.7965 will neutralize the downside scenario. This indicates a breakthrough of the resistance level and a continuation of the rise with a potential target above 0.8145.