Currency pair USD/CHF Dollar/Franc completes the trading week near the level of 0.9817. The pair continues to move within the framework of strong growth and a long-term bullish channel. The potential remains for the completion of the formation of the “Head and Shoulders” reversal pattern, the breakdown of which will send the pair to new highs above the level of 1.0355. 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 reduce the price and test the support area near the level of 0.9735. Further, a rebound and an attempt to continue the rise of the pair with a potential target above the level of 1.0245.
USD/CHF Weekly Forecast October 3 — 7, 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 upper border of the descending channel. Cancellation of the USD/CHF rise option will be a fall and a breakdown of the 0.9405 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 0.9155 area. The rise of the pair in the current trading week October 3 — 7, 2022 will be confirmed by a breakdown of the resistance area and closing of quotes above the level of 0.9995.
USD/CHF Weekly Forecast October 3 — 7, 2022 suggests an attempt to continue the development of the correction and test the support level near the 0.9735 area. Then, the continuation of the growth of USD/CHF to the area above the level of 1.0245. 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 0.9405. This will indicate a continuation of the fall of the pair with a potential target below the level of 0.9155.
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