The USD/CHF pair was supposed to go down to support at 0.9700, which happened. The pair even overdid it a bit – it dropped 50 points going down to 0.9650 and entered a sideways trend, carefully sticking to the 0.9700 area just as the analysts had said.
Forecast for Upcoming Week
Summarizing the views of several dozen analysts from leading banks and broker companies as well as forecasts based on different methods of technical and graphical analysis, the following can be suggested:
Graphical analysis on H4 and 70% of the experts insist that USD/CHF should rise at least to resistance at 0.9850, with the ultimate target of moving above the key level of 1.0000. Support remains at 0.9650.
Roman Butko, NordFX