Hello traders! The currency pair US Dollar/Swiss Franc finished last week's trading in another downward phase, reaching a new local minimum indicated by the ZigZag indicator at the level of 0.7770. However, the bears have not yet reached the support at 0.7745, corresponding to the pair's minimum from the first decade of March, so I believe that on Monday they will reach the target and test this level, but later a bullish daily correction should follow, as suggested by the Stochastic indicator, which has already indicated the oversold condition of this currency pair. Therefore, within the week, we should expect the price of USD/CHF to rise to the resistance level of 0.7805, and if we manage to do so, we should see a reversal from there towards the next southern target at the support of 0.7670. It is worth noting that the quotes of USD/CHF are confidently trading below both bands, the descending trend indicator 2EMA, and the moving average line MA14. Therefore, there are no threats to further southward movement of the pair today, nor are there any other options for the bulls, except for relatively short corrections.
