USDCHF currency pair can be expected to rise further toward the next resistance level 0.8550.
– USDCHF reversed from support zone
– Likely to rise to resistance level 0.8550
USDCHF currency pair recently reversed up sharply from the major support zone located between the multi-month support level 0.8410 (which reversed the price from last December, 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 Japanese candlesticks reversal pattern Morning Star which stopped the previous impulse wave 3 of the higher order downward impulse wave (3) from the start of July.
Given the strength of the nearby support zone surrounding the support level 0.8410 and the resumption of the bullish US dollar sentiment, USDCHF currency pair can be expected to rise further toward the next resistance level 0.8550.
The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff.
The information does not constitute advice or a recommendation on any course of action and does not take into account your personal circumstances, financial situation, or individual needs. We strongly recommend you seek independent professional advice or conduct your own independent research before acting upon any information contained in this article.
Post Views: 0
