Technical analysis

EURCHF Wave Analysis 2 October 2023

– EURCHF reversed from resistance level 0.9680

– Likely to fall to support level 0.9600

EURCHF currency pair recently reversed down from the key resistance level 0.9680 (former strong support from May) intersecting with the upper daily Bollinger Band and the 50% Fibonacci correction of the downward impulse from June.

The resistance level 0.9680 was strengthened by the resistance trendline of the daily down channel from February.

Given the clear daily downtrend, EURCHF can be expected to fall further toward the next support level 0.9600 (former resistance from August).

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