Currency pair Dollar Franc USD/CHF ends the trading week near the level of 0.8880. The pair continues to move within the framework of the development of the fall and the formation of the reversal model “Head and Shoulders”. The moving averages indicate the presence of a bearish trend. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers of the American currency and a potential continuation of the instrument’s fall from the 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 0.8995. Next, a rebound downwards and an attempt to continue the fall of the currency pair with a potential target below the level of 0.8405.
USD/CHF Forecast and Analysis July 29 — August 2, 2024
An additional signal in favor of a decrease in the Dollar Franc currency pair will be a test of the descending trend line on the relative strength indicator (RSI). The second signal will be a rebound from the upper border of the descending channel. The cancellation of the USD/CHF decline option this trading week will be a strong increase in quotes and a breakout of the 0.9275 area. This will indicate a breakout of the resistance area and continued growth of the pair on Forex with a target above the 0.9475 area. A breakout of the support area and closing of quotes below the 0.8705 level will confirm the fall of the pair in the current trading week of July 29 — August 2, 2024.
USD/CHF Forecast and Analysis July 29 — August 2, 2024 suggests an attempt to develop a correction and test the resistance level near the 0.8995 area. Then, the continuation of the fall of the USD/CHF pair to the area below the 0.8405 level. A test of the trend line on the relative strength indicator will be in favor of the decline. The cancellation of the USD/CHF fall option will be a breakout of the resistance area and closing of quotes above the 0.9275 level. This will indicate continued growth of the pair with a potential target above the 0.9475 level.
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