Currency pair Dollar Franc USD/CHF ends the trading week near the level of 0.9089. The pair continues to move as part of the development of growth and the formation of an inverted “Head and Shoulders” reversal pattern. Moving averages indicate a sideways 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 0.9165. Next, a rebound downwards and an attempt to continue the fall of the currency pair with a potential target below the level of 0.8495 as part of the completion of the formation of a reversal pattern.
USD/CHF Forecast April 29 — May 3, 2024
An additional signal in favor of a fall in the Dollar Franc currency pair will be a test of the broken trend line on the relative strength indicator (RSI). The second signal will be a rebound from the upper boundary of the Head and Shoulders pattern. Cancellation of the option to reduce USD/CHF in the current trading week will be a strong increase in quotes and a breakdown of the 0.9345 area. This will indicate a breakdown of the resistance area and a continued decline in the pair on Forex with a target above the 0.9675 area, as well as a cancellation of the reversal pattern. Confirmation of the fall of the pair in the current trading week of April 29 — May 3, 2024 will be a breakdown of the support area and closing of quotes below the level of 0.8965, which will indicate a breakdown of the lower boundary of the bullish correction channel.
USD/CHF Forecast April 29 — May 3, 2024 assumes an attempt to develop a correction and test the resistance level near the 0.9165 area. Then, the USD/CHF pair continues to fall to the area below the level of 0.8495. 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 0.9345. This will indicate a continued rise in the pair with a potential target above the level of 0.9675.
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