USDCHF Wave Analysis – 02 January, 2020

• USDCHF reversed from support area
• Likely to rise to 0.9750

USDCHF recently reversed up from the support area lying between the key support level 0.9665 (which stopped the sharp downward impulse in August) and the lower daily Bollinger Band.

The upward reversal from this support area stopped the previous short-term impulse wave 3 from the end of November

Given the recent oversold reading on the daily RSI indicator (strong buy signal) – USDCHF is likely to rise further toward the next resistance level 0.9750.