Currency pair USD/CHF Dollar/Franc ends the trading week near the level of 0.8886. The pair continues to move within the framework of the correction and the formation of the inverted “Head and Shoulders” reversal pattern. Moving averages indicate a bearish trend. Prices went down from the area between the signal lines, which indicates strong pressure from the sellers of the American currency and a potential continuation of the fall of the instrument. At the moment, we should expect an attempt to continue falling prices and test the support area near the level of 0.8795. Further, a rebound and an attempt to continue the rise of the pair with a potential target above the level of 0.9435.
USD/CHF Forecast and Weekly Analysis February 1 — 5, 2021
An additional signal in favor of raising the Dollar/Franc currency pair will be a test of the trend line on the relative strength index (RSI). The second signal will be the completion of the formation of an inverted “Head and Shoulders” pattern. Cancellation of the growth option for USD/CHF will be a fall and a breakdown of the 0.8645 area. This will indicate a breakdown of the support area and the continuation of the fall of the pair on Forex with a target below the 0.8255 area. Confirmation of the rise in the pair in the current trading week February 1 — 5, 2021 will be a breakdown of the resistance area and closing of quotations above the level of 0.9015, which will indicate a breakdown of the upper border of the descending channel.
USD/CHF Forecast and Weekly Analysis February 1 — 5, 2021 suggests an attempt to test the support level near the 0.8795 area. Then, the continued growth of USD/CHF to the area above the level of 0.9435. A test of the trend line on the relative strength index (RSI) will be in favor of the rise. Cancellation of the USD/CHF growth option will be a breakdown of the support area and closing of quotations below 0.8645. This will indicate a continued fall of the pair with a potential target below 0.8255.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
