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Given that today is the last day of weekly trading, we will return to the consideration of the pound/dollar currency pair on Monday, taking into account the closing of the week. And today, let's look at the technical picture that is observed for another major currency pair USD/CHF, and let's start with the weekly timeframe.
Weekly
As expected at the very beginning of this week, there were signals in favor of the growth of the US dollar for many major currency pairs. Regarding the dollar/franc, this scenario was indicated by the previous weekly candle with a bullish body and a much longer lower shadow, as well as the bullish divergence of the MACD indicator. And indeed, during the current weekly trading, the USD/CHF currency pair shows strengthening, which is still very limited. As you can see, the pair has already managed to rise to 0.8919, after which it retreated and lost about half of its growth. Today will be very important in terms of the final formation of the weekly candle and its closing price. Today's American statistics on retail sales, industrial production, and producer prices may have a significant impact on the price dynamics of the instrument.
Technically, USD/CHF bulls need to close this week above the previous highs, which were shown at 0.8883. Even better for the upside players will be the completion of weekly trading above the important and strong technical resistance level of 0.8920. To resume and continue the bearish trend, the pair needs to fall below the previous lows of 0.8756, however, it will be very difficult. First, there is very little time left for such a drastic change in the price direction. Secondly, the current market sentiment is clearly in favor of the US currency, which is strengthening against many major competitors. Naturally, we will get more accurate information after the actual closing of weekly trading, but so far there are many indications that USD/CHF will end this week with a strengthening.
Daily
On the daily chart, you can see how strong the resistance of sellers is in the area of 0.8920. In my opinion, until this level is truly broken and the pair is firmly fixed above (this is a true break), it is worth counting on further growth of the quote with great caution. However, given the situation on the older weekly chart, in my opinion, the priority for the dollar/franc pair remains for purchases. I suggest considering the possibility of opening long positions after a short-term decline in the area of 0.8865 / 70, and more aggressively and risky to try to buy from current prices. To open short positions, you need to wait for the reversal patterns of candle analysis in the area of 0.8900-0.8920 on the four-hour and (or) hourly timeframes. It is better to set sales targets near 0.8860, and purchase targets have already been identified, and they are located in the resistance zone of 0.8900-0.8920.
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