Currency pair USD/CHF Dollar/Franc completes the trading week near the level of 0.9950. The pair continues to move within the correction and a long-term bullish channel. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines up, which indicates pressure from buyers of the US currency and a potential continuation of the growth of the instrument from current levels. At the moment, we should expect an attempt to develop a downward price correction and a test of the support area near the level of 0.9755. Further, a rebound and an attempt to continue the rise of the pair with a potential target above the level of 1.0775.
USD/CHF Weekly Forecast November 7 — 11, 2022
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 channel. Cancellation of the USD/CHF rise option will be a fall and a breakdown of the 0.9535 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 0.9225 area. The rise of the pair in the current trading week November 7 — 11, 2022 will be confirmed by a breakdown of the resistance area and closing of quotes above the level of 1.0355, which will indicate a breakdown of the upper limit of the bullish channel, and this is a signal for an increase in the price for the width of the channel.
Among the important news from Switzerland that may have an impact on the Swiss Franc against the US Dollar, it is worth highlighting: Swiss National Bank (SNB) Chairman Jordan Speech.
USD/CHF Weekly Forecast November 7 — 11, 2022 suggests an attempt to continue the development of the correction and test the support level near the 0.9755 area. Then, the continuation of the growth of USD/CHF to the area above the level of 1.0775. In favor of the rise will be a test of the trend line on the relative strength index, as well as the formation of a reversal pattern. Cancellation of the USD/CHF growth option will be a breakdown of the support area and closing of quotes below the level of 0.9535. This will indicate a continuation of the fall of the pair with a potential target below the level of 0.9225.
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