Back in the 'olden times', it was common for service station people to use atf to TOP-OFF a power steering reservoir, when they checked the motor oil during fueling time. Reasoning was that it was a similar viscosity of power steering fluid. In even earlier times, like pre-1961 or so, atf and psf were low-viscosity "hydraulic fluids", with additives added for their particular applications. Some of the earlier power steering reservoir caps had the "Type A" stampings on them, which was atf.
The Chrysler psf I bought in the 1970s was clear and a bit waxy looking, possibly a bit thicker than normal atf. It worked great. Never any leaks from hoses or fittings. Similar when the Mopar jobber I got it from closed, so I switched to the GM Psf, which looked similar.
When I bought my '67 Newport used, with about 86K miles on it, it had "red" psf in it. After a few weeks, I noticed dots of fluid on the outside of the pressure line. They were red. So I got enough of the red atf out of the reservoir, twice, replacing it with the GM psf. The "bleeds" stopped. SO, any psf MUST be compatible with the rubber in the system for best results. Hoses AND o-ring seals.
Ford's current Mercon V Dex/Merc atf is said to be compatible with THEIR power steering systems.
But, back when the cars were used cars, service station people would use red atf to top-off ps systems. If there was a leak/seep, soon you had a system with mostly atf in it. THEN the leaks got worse and repairs were needed. Might take a little bit more effort, but using PSF can be beneficial, in the long run. Or the old GM psf.
The bad thing is that current Valvoline Max-Life (red bottle) psf is red fluid. So all red might not be bad, but you can never take any chances, to me.
Y'all enjoy!
CBODY67