USDCHF Wave Analysis – 1 September, 2020

• USDCHF reversed from support level 0.9000

• Likely to rise to 0.9160

USDCHF today reversed up sharply from the round support level 0.9000 (low of the previous impulse wave (i) – intersecting with the weekly down channel from 2019.

The upward reversal from the support level 0.9000 is likely to create the daily Morning Star – if the price closes today near the current levels.

Given the clear bullish divergence on the daily Stochastic indicator – USDCHF is likely to rise toward the next resistance level 0.9160 (top of the previous corrective wave (ii)).