EURCHF Wave Analysis – 17 February, 2020

• EURCHF reversed from strong support area
• Likely to rise to 1,0800

EURCHF recently reversed up from the strong support area lying between the long-term support level 1.0620 (which has been reversing the price from the middle of May) and the lower weekly Bollinger Band.

The upward reversal from this from the support area started the active weekly medium-term correction (ii).

Given the oversold reading on the weekly Stochastic indicator – EURCHF is likely to rise further toward the next resistance level 1,0800 (former strong support from last year).