Technical analysis

EURCHF Wave Analysis 17 October 2023

– EURCHF reversed from strong support level 0.9480

– Likely to rise to resistance level 0.9600

EURCHF currency pair recently reversed up from the strong support level 0.9480 (which stopped the weekly downtrend in 2022 as can be seen below) intersecting with the lower weekly Bollinger Band.

The upward reversal from the support level 0.9480 stopped the previous sharp downward impulse waves 3 and (3).

Given the bullish divergence on the weekly Stochastic, EURCHF can be expected to rise further toward the next resistance level 0.9600.

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