Currency pair Dollar Franc USD/CHF continues to move in the framework of the correction and the formation of a reversal pattern inverted «Head and Shoulders». At the time of publication of the Forex forecast, the rate of the US Dollar to the Swiss Franc is 0.9888. Moving averages indicate a short-term downward trend in the pair. At the moment, we should expect an attempt to reduce and test the support area near the level of 0.9805. Then, a rebound and the beginning of the growth of the US Dollar against the Swiss Franc with the goal above the level of 1.0145.
USD/CHF Forecast Dollar Franc July 12, 2019
In favor of the growth of a pair of dollar franc will test the rising trend line on the indicator of relative strength. The second signal will be the completion of the formation of the «Head and Shoulders» reversal pattern. Cancellation of the option of raising the pair USD/CHF on FOREX will be the fall and the breakdown of the area of 0.9705. This will indicate a breakdown of the support level and a continued decline in the USD/CHF quotes to the area below the level of 0.9545. Expect confirmation of growth of the USD/CHF quotes with the breakdown of the resistance area and closing above the level of 0.9995.
USD/CHF Forecast Dollar Franc July 12, 2019 implies an attempt to test the support area near the level of 0.9805. Further, the continued growth of the USD/CHF currency pair with the target above the level of 1.0145. An additional signal in favor of raising the pair Dollar/Franc will be the test of the support line on the relative strength indicator. Cancellation of the growth option will be a strong fall and a breakdown of the area of 0.9705. This will indicate a breakdown of the support level and continued growth of the pair with a potential target below 0.9545.