Currency pair Dollar Franc USD/CHF ends the trading week near the level of 0.8986. The pair continues to move as part of the development of the correction and the 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 decline and a test of the support area near the level of 0.8725. Next, a rebound upwards and an attempt to continue the growth of the currency pair with a potential target above the level of 0.9570.
USD/CHF Forecast and Analysis July 8 — 12, 2024
An additional signal in favor of a decline in the Dollar Franc currency pair will be a test of the bullish trend on the relative strength indicator (RSI). The second signal will be a rebound from the lower boundary of the Head and Shoulders reversal pattern. Cancellation of the USD/CHF rise option in the current trading week will result in a fall in quotes and a breakdown of the 0.8325 area. This will indicate a breakdown of the support area and a continuation of the pair’s fall on Forex with a target below the 0.8015 area. Confirmation of the pair’s growth in the current trading week of July 8 — 12, 2024 will be the breakdown of the resistance area and the closing of quotes above the level of 0.9315, which will indicate the upper lower boundary of the “Head and Shoulders” reversal pattern and the beginning of the pattern with targets above.
USD/CHF Forecast and Analysis July 8 — 12, 2024 assumes an attempt to develop a correction and test the support level near the 0.8725 area. Then, the USD/CHF pair continues to grow to the area above the level of 0.9570. A test of the trend line on the relative strength index (RSI) will support the rise. Cancellation of the USD/CHF growth option will be a breakdown of the support area and closing of quotes below the level of 0.8325. This will indicate a continuation of the pair’s fall with a potential target below the level of 0.8015.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
