USDCHF Annual Forecast – Price Is Set for a Bullish Breakout
The annual forecast for USDCHF is a bullish breakout of its triangle formation. Since the market plunged from June to December 2020, buyers have been engineering the market upward, even against bearish forces. This sees price take a gradual rise, having consistent higher lows. But at the same time, lower highs can be observed on the monthly timeframe, leading to a tapering formation.
USDCHF Important Levels
Resistance Levels: 1.02000, 0.96760, 0.94640 Support Levels: 0.87640, 0.89960, 0.91870
USDCHF Long Term Plan: Bullish
The movement of the market before the 2020 drop has been nothing short of an annual random-ranging pattern. The price can be seen submitting majorly to the 1.02000 level as resistance and the 0.96760 level as support. The predominant force here is bearish, sometimes dropping below the support before recovering again. Eventually, this leads to the 2020 price drop to 0.87640.
Since falling to the 0.87640 support level, the market’s purchasers have gotten a hold of the market and are striving against the bearish forces to cause a market reversal. This has led to a tapering movement in a triangle pattern. The Stochastic Oscillator suggests that price will continue rising and eventually push into the oversold region. The Parabolic SAR (Stop and Reverse) also gives the same bias by aligning its dots below the monthly candles.
USDCHF Medium Term Plan: Bullish
On the weekly chart, the price has dropped to the lower border of the triangle pattern, indicating that it is ready to launch another assault on the upper border to breakthrough. The Stochastic Oscillator is well-positioned after bouncing off the oversold region border to rise upwards. The forecast for USDCHF in 2022 is to break out and move towards 0.96760.
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