Currency pair USD/CHF Dollar/Franc ends the trading week near the level of 0.9798 The pair continues to move as part of the growth and a long-term bullish channel. The potential for the formation of a ”Head and Shoulders” reversal pattern remains, as a rule, the price falls to the level of the “Right shoulder” of the pattern. 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 0.9485. Further, a rebound and an attempt to continue the rise of the pair with a potential target above the level of 1.0265.
USD/CHF Weekly Forecast September 5 — 9, 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 boundary of the bullish channel, as well as from the lower boundary of the ”Head and Shoulders” reversal pattern. Cancellation of the USD/CHF growth 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 0.8935 area. The rise of the pair in the current trading week of September 5 — 9, 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 this pattern with targets at the top.
Among the important news from Switzerland that may have an impact on the Swiss Franc against the US Dollar, it is worth highlighting: Switzerland Gross Domestic Product (GDP) q/q.
USD/CHF Weekly Forecast September 5 — 9, 2022 suggests an attempt to develop a correction and test the support level near the 0.9485 area. Then, the continuation of the growth of USD/CHF to the area above the level of 1.0265. 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 0.9275. This will indicate a continuation of the fall of the pair with a potential target below the level of 0.8935.
