FX.co ★ USD/CHF

Currency pair USD/CHF - W1 chart. For many weeks in a row, the price of this currency pair has been moving sideways, which sometimes happens according to history. That's exactly the stage it was going 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 was hovering is a mirror level at the edge of the decline, for several weeks it held its defense as resistance, but was eventually broken upwards, changing its status from resistance to support, becoming a mirror level. And it seemed like all conditions were in place 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 confirmation of this divergence. There isn't much left in terms of points to reach there relative to this higher timeframe, the main thing is for the price to move in the intended 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 we expect the development of the third wave upwards. A reversal head and shoulders pattern is visible. It turns out that there was simply accumulation at this level, the price was kind of gearing up for an upward movement, 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 point, 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 in progress, if we overlay a Fibonacci target grid on the first wave, we 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 there will be a resumption of growth towards the 0.8035 level, the maximum of this year. It will attract more sellers and go up. Perhaps based on the interest rate decision.