USDCHF currency pair can be expected to rise further toward the next resistance level 0.8550 (which stopped the earlier waves 4 and (1)).
– USDCHF reversed from strong support zone
– Likely to rise to resistance level 0.8550
USDCHF currency pair recently reversed up with the daily Japanese candlesticks reversal pattern Bullish Engulfing from the support zone located between the strong multi-month support level 0.8400 (which has been reversing the price from the start of this year, as you can see from the daily USDCHF chart below), and the lower daily Bollinger Band. The upward reversal from this support zone stopped the earlier minor ABC correction 2, which is a part of the higher order impulse wave (3) from the start of September.
Given strength of the aforementioned support level 0.8400 the strongly bullish US dollar bearish sentiment that can be seen across the FX markets today, USDCHF currency pair can be expected to rise further toward the next resistance level 0.8550 (which stopped the earlier waves 4 and (1)).
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