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USDCHF → Breakout of bullish pattern resistance

2024-02-28 09:08 FOREX forecast

💱 Ideas For USDCHF 🇺🇸🇨🇭

📈 USDCHF → Breakout of bullish pattern resistance

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USDCHF has been in consolidation phase for a long time on the background of a bullish trend, which is formed in the wake of strengthening of the dollar index. There are preconditions that the growth may continue

snapshot

Today traders are expecting the US GDP, which will be released at 13:30 GMT. In general, expectations are negative, analysts expect GDP to decline by 1.6%, based on the overall environment, this data has a chance, but still, there is a chance that GDP will be slightly higher than expected. The dollar index forms a rebound from trend support, USDCHF reacts to this and breaks the resistance of the bullish pattern: descending wedge. Consolidation of the price above 0.8807 will form the potential for further growth. In this case, the medium-term target will be 0.900 - 0.904.

Resistance levels: 0.8807

Support levels: 0.8742, 0.8684

Against the background of the dollar growth there is technically a high probability of growth of the currency pair, but today it is worth paying attention to the news. GDP above 3.3% will positively affect the growth of the currency pair, and the data below expectations will weaken the price.

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