EURCHF Wave Analysis – 23 May 2023

• EURCHF reversed from support level 0.9705

• Likely to rise to resistance level 0.9760

EURCHF recently reversed up from the major long-term key support level 0.9705 (low of the previous waves (B) and (1) from November and March respectively).

The support level 0.9705 was further strengthened by the lower daily Bollinger Band and by the support trendline of the daily down channel from January.

Given the oversold daily Stochastic, EURCHF can be expected to rise further toward the next resistance level 0.9760 (top of the previous correction (ii)).