USDCHF Wave Analysis – 28 February, 2020

• USDCHF reversed from support area
• Likely to rise to 0.9700

USDCHF today reversed up sharply from the support area lying between the key support level 0.9630 (which reversed the price twice in January) and the lower daily Bollinger Bad.

The upward reversal from this support area is likely to form the daily candlesticks reversal pattern Hammer – if the pair closes today near the current levels.

Given the bullish divergence on the daily Stochastic – USDCHF is likely to rise further toward the next round resistance level 0.9700.