Currency pair Dollar Franc USD/CHF ends the trading week near the level of 0.8994. The pair continues to move as part of the development of a bullish correction and a downward channel. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers of the American currency and a potential continuation of the instrument’s growth from current levels. At the moment, we should expect an attempt to develop a price rise and a test of the resistance area near the level of 0.9035. Next, a rebound downwards and an attempt to continue the fall of the currency pair with a potential target below the level of 0.8565.
USD/CHF Forecast and Analysis July 1 — 5, 2024
An additional signal in favor of a decline in the Dollar Franc currency pair will be a test of the bearish trend on the relative strength indicator (RSI). The second signal will be a rebound from the upper border of the downward channel. Cancellation of the USD/CHF fall option in the current trading week will be a strong growth in quotes and a breakdown of the 0.9305 area. This will indicate a breakdown of the resistance area and continued growth of the pair on Forex with a target above the 0.9575 area. Confirmation of the fall of the pair in the current trading week of July 1 — 5, 2024 will be a breakdown of the support area and closing of quotes below the level of 0.8765, which will indicate a breakdown of the lower boundary of the Double Top reversal pattern and the beginning of the development of a pattern with targets below.
USD/CHF Forecast and Analysis July 1 — 5, 2024 assumes an attempt to develop a correction and test the resistance level near the 0.9035 area. Then, the USD/CHF pair continues to fall to the area below the level of 0.8565. A test of the trend line on the relative strength index (RSI) will support a decline. Cancellation of the USD/CHF fall option will be a breakdown of the resistance area and closing of quotes above the level of 0.9305. This will indicate a continued rise in the pair with a potential target above the level of 0.9575.
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