EURCHF Wave Analysis 20 October 2023

– EURCHF reversed from support level 0.9420

– Likely to test resistance level 0.9530

EURCHF currency pair recently reversed up from the major support level 0.9420 (which stopped the sharp weekly downtrend in 2022 as can be seen below).

The support level 0.9420 was further strengthened by the nearby lower weekly and the daily Bollinger Bands.

Given the bullish divergence on the weekly Stochastic, EURCHF can be expected to rise further toward the next resistance level 0.9530.