Currency pair USD/CHF Dollar/Franc ends the trading week near the level of 0.9567 The pair continues to move as part of a strong fall and a long-term bullish channel. The potential for the completion of the formation of the “Head and Shoulders” reversal pattern remains, in the last review they indicated a serious fall in the pair in the current trading week, which happened. Moving averages indicate a bullish trend. Prices are again testing the area between the signal lines, which indicates pressure from buyers of the US currency and a potential continuation of the growth of the instrument already from current levels. At the moment, we should expect an attempt to reduce the price and test the support area near the level of 0.9475. Further, a rebound and an attempt to continue the rise of the pair with a potential target above the level of 1.0055.
USD/CHF Weekly Forecast September 12 — 16, 2022
An additional signal in favor of the rise of the Dollar Franc currency pair will be a test of the broken trend line on the relative strength index (RSI), such a signal indicates a price increase above the level of 1.0065. The second signal will be a rebound from the lower border of the bullish channel, as well as from the lower border of the Head and Shoulders reversal pattern, which will be a very strong signal in favor of growth, which is better not to miss. Cancellation of the USD/CHF rise option will be a fall and a breakdown of the 0.9275 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 0.8885 area. The rise of the pair in the current trading week September 12 — 16, 2022 will be confirmed by a breakdown of the resistance area and closing of quotes above the level of 0.9905, which will indicate a breakdown of the upper border of the “Head and Shoulders” reversal pattern and the beginning of the development of this model with targets at the top.
USD/CHF Weekly Forecast September 12 — 16, 2022 suggests an attempt to continue the development of the correction and test the support level near the 0.9475 area. Then, the continuation of the growth of USD/CHF to the area above the level of 1.0055. 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 0.9275. This will indicate a continuation of the fall of the pair with a potential target below the level of 0.8885.
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