Technical analysis

EURCHF Wave Analysis 22 November 2023

– EURCHF reversed from resistance level 0.9670

– Likely to fall to support level 0.9600

EURCHF currency pair recently reversed down from the strong resistance level 0.9670 (former strong support from May, which has been repeatedly reversing the pair from July) intersecting with the 61.8% Fibonacci correction of the downward impulse from June

The downward reversal from the resistance level 0.9670 created the daily Evening Star, which stopped the earlier correction 2.

Given the clear daily downtrend, EURCHF currency pair can be expected to fall further to the next support level 0.9600, low of the previous correction b.

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