Currency pair USD/CHF Dollar/Franc completes the trading week near the level of 0.8951. The pair continues to move as part of the correction and the formation of the bullish “Wedge” pattern. Moving averages indicate a bearish trend. Prices went down from the area between the signal lines, which indicates pressure from sellers of the US currency and a potential continuation of the fall of the instrument from current levels. At the moment, we should expect an attempt to develop a price decrease and test the support area near the level of 0.8815. Further, a rebound upwards and an attempt to continue the growth of the pair with a potential target above the level of 0.9515.
USD/CHF Forecast Weekly Forecast May 1 — 5, 2023
An additional signal in favor of the rise of the Dollar Franc currency pair will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish “Wedge” pattern. Cancellation of the USD/CHF growth option will be a fall and a breakdown of the 0.8625 area. This will indicate a breakdown of the support area and a continuation of the fall of the pair on Forex with a target below the 0.8245 area. The growth of the pair in the current trading week May 1 — 5, 2023 will be confirmed by a breakdown of the resistance area and closing of quotes above the level of 0.9165, which will indicate a breakdown of the upper limit of the bullish Wedge model and the beginning of the model with targets at the top.
Important news from Switzerland, which may have an impact on the Swiss Franc against the US Dollar, is not expected, so the pair will continue to move within the framework of technical analysis.
USD/CHF Forecast Weekly Forecast May 1 — 5, 2023 suggests an attempt to continue the development of the correction and test the support level near the 0.8815 area. Then, the continuation of the growth of USD/CHF to the area above the level of 0.9515. In favor of the rise will be a test of the trend line on the relative strength index (RSI). Cancellation of the USD/CHF growth option will be a breakdown of the support area and closing of quotes below the level of 0.8625. This will indicate a continued decline in the pair with a potential target below the level of 0.8245.
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