Currency pair Dollar Franc USD/CHF completes the trading week near the level of 0.8658. The pair continues to move as part of the fall and the formation of the bullish Wolfe Wave 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 0.8465. Further, a rebound upwards and an attempt to continue the growth of the currency pair with a potential target above the level of 0.9165.
USD/CHF Weekly Forecast July 24 — 28, 2023
An additional signal in favor of the growth 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 Wolfe Wave pattern. Cancellation of the USD/CHF growth option will be a fall and a breakdown of the 0.8365 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 0.8005 area. The growth of the pair in the current trading week July 24 — 28, 2023 will be confirmed by a breakdown of the resistance area and closing of quotes above the level of 0.8865, which will indicate a breakdown of the upper limit of the bullish Wolfe Wave model.
USD/CHF Weekly Forecast July 24 — 28, 2023 suggests an attempt to continue the development of the correction and test the support level near the area of 0.8465. Then, the continuation of the growth of USD/CHF to the area above the level of 0.9165. 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 0.8365. This will indicate a continuation of the fall of the pair with a potential target below the level of 0.8005.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
