Technical analysis

EURCHF Wave Analysis 18 August 2023


– EURCHF reversed from support level 0.9530

– Likely to rise to resistance level 0.9640

EURCHF currency pair recently reversed up from the key support level 0.9530 (which stopped the sharp downtrend in July), coinciding with the lower daily Bollinger Band.

The upward reversal from the support level 0.9530 stopped the previous short-term impulse wave 3.

Given the strength of the support level 0.9530 and the bullish divergence on the daily Stochastic, EURCHF can be expected to rise further toward the next resistance level 0.9640 (top of the previous waves (4) and 2).

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