USDCHF currency pair be expected to rise further toward the next resistance level 0.8550 (top of the previous minor correction (ii).
– USDCHF reversed from strong support area
– Likely to rise to resistance level 0.8550
USDCHF currency pair recently reversed up from the strong the support area located between the long-term support level 0.84100 (which formed the two earlier daily Morning Stars and which has been reversing the price from December of 2023, as can be seen from the daily USDCHF chart below) and the lower daily Bollinger Band. The upward reversal from this support zone created the daily Bullish Engulfing candlesticks pattern, which stopped the impulse waves iii and 3 of the multi-month downward impulse wave (3) from the start of July.
Given the strength of the aforementioned support area, USDCHF currency pair be expected to rise further toward the next resistance level 0.8550 (top of the previous minor correction (ii).
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