In the context of high-frequency quasi-periodic oscillation (HF QPOs) we further explore the appearance of an observable signal generated by hot spots moving along quasi-elliptic trajectories close to the innermost stable circular orbit in the Schwarzschild spacetime. The aim of our investigation is to reveal whether observable characteristics of the Fourier power-spectral density can help us to distinguish between the two competing models, namely, the idea of bright spots orbiting on the surface of anaccretion torus versus the scenario of intrinsic oscillations of the torus itself. We take the capabilities of the present observatories (represented by the Rossi X-ray Timing Explorer, RXTE) into account, and we also consider the proposed future instruments (represented here by the Large Observatory for X-ray Timing, LOFT).