FX.co ★ USD/CHF

Currency pair USD/CHF - W1 chart. For many weeks in a row, the price of this currency pair moved sideways, which sometimes happens according to history. That's exactly the stage it went through until recently. Although in essence, a price increase has long been expected, which has finally begun. The level of 0.7772 where the price lingered is a mirror level at the edge of the decline, for several weeks it held defense as resistance, but was still broken upwards, changing its status from resistance to support, becoming a mirror level. And it seemed like all conditions were there for growth, but for some reason, we got stuck here for quite a while. Moreover, there is an unfulfilled bullish divergence on the MACD indicator being used. A large and beautiful one, a rare phenomenon on such a large scale chart. I believed and still believe that this is a reason to work upwards on smaller timeframes, all sell formations were worth and are worth skipping. I will consider the price breaking above the 0.8134 level area as the completion of this divergence. There isn't that much left in terms of points to reach there relative to this higher timeframe, the main thing is for the price to start moving in that direction, not pulling back on any attempts to rise as it did before. I believe that the second wave is completed at the mirror level and now the development of the third wave upwards is expected. A reversal head and shoulders pattern is visible. It turns out that there was simply accumulation at the level, the price was kind of gearing up for an upward move, accumulating more sellers to drag them upwards. It is obvious to me that overall in the market, excluding metals, all prerequisites for the dominance of the US dollar in the current month of June are present. Perhaps this is why the price was held here until the arrival of summer, some boundary had to be maintained until a certain time, and then the technical picture could be implemented. On Friday, June 5th, there were important news, the so-called Non-Farm Payrolls, employment data in the US. The indicators came out better than expected, as a result of which the US dollar strengthened overall in the market.

D1 period chart. Here, the third wave upwards is ongoing, if you overlay the Fibonacci target grid on the first wave, you can see that the 161.8 level roughly coincides with the descending line that can be drawn here, the nearest target is reached. An expected pullback occurred from the line downwards. I believe that there will be a resumption of growth towards the 0.8035 level, the maximum of this year.