Technical analysis

EURCHF Wave Analysis – 18 July 2023

– EURCHF reversed from resistance level 0.9675

– Likely to fall to support level 0.9600

EURCHF currency pair recently reversed down from the key resistance level 0.9675 (former multi-month support May and June).

The downward reversal from the resistance level 0.9675 stopped the previous minor correction (ii) forming the daily Evening Star.

Given the prevailing downtrend, EURCHF can be expected to fall further toward the next support level 0.9600 (low of the previous minor impulse wave iii).

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