Chart set up: The USDCHF currency pair broke out from the rising median line to test the support at 0.9962 from last week. Price action posted a modest rebound off this support level. However, the gains failed to test the resistance level at 1.0056 and eventually the currency pair closed below the support.
Key support/resistance levels:
Support: 0.9870; Resistance: 0.9962
Commentary:
The USDCHF currency pair is expected to potentially post a rebound off the current levels. The recently breached support level at 0.9962 is expected to serve as resistance. A reversal off this level could signal a possible decline to the lower support at 0.9870. For the week ahead, the USDCHF currency pair is expected to be bearish.
Previous USDCHF Weekly Forex Forecast
USDCHF Weekly Forex Forecast – 23rd to 27th July 2018
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