Currency pair Dollar Franc USD/CHF ends the trading week near the level of 0.8642. The pair continues to move within the framework of the development of the fall and the formation of the reversal model “Head and Shoulders”. Moving averages indicate the presence of a bearish trend. Prices broke through the area between the signal lines downwards, which indicates pressure from sellers of the American currency and a potential continuation of the fall of the instrument from the current levels. At the moment, we should expect an attempt to develop a price fall and a test of the support area near the level of 0.8465. Next, an upward rebound and an attempt to continue the growth of the currency pair with a potential target above the level of 0.9435.
USD/CHF Forecast and Analysis August 5 — 9, 2024
An additional signal in favor of the growth of the USD/CHF currency pair will be a test of the trend line on the relative strength indicator (RSI). The second signal will be a rebound from the lower border of the “Head and Shoulders” reversal pattern. The cancellation of the USD/CHF rise option in the current trading week will be a drop in quotes and a breakout of the 0.8175 area. This will indicate a breakout of the support area and a continuation of the pair’s fall on Forex with a target below the 0.7865 area. The growth of the pair in the current trading week of August 5 — 9, 2024 will be confirmed by a breakout of the resistance area and closing of quotes below the 0.9105 level, which will indicate a breakout of the upper border of the “Head and Shoulders” reversal pattern and the beginning of the pattern with targets above.
USD/CHF Forecast and Analysis August 5 — 9, 2024 suggests an attempt to develop a correction and test the support level near the 0.8465 area. Then, the USD/CHF pair will continue to grow to the area above the 0.9435 level. A test of the trend line on the relative strength indicator will be in favor of the rise. The cancellation of the USD/CHF growth option will be a breakout of the support area and closing of quotes below the 0.8175 level. This will indicate a continuation of the pair’s decline with a potential target below the 0.7865 level.
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