Technical analysis

EURCHF Wave Analysis – 25 July 2023

– EURCHF broke support zone

– Likely to fall to support level 0.9500

EURCHF currency pair earlier broke the support zone lying between the key support level 0.9600 (which reversed the pair earlier this month) and the support trendline of the the daily down channel from March.

The breakout of this support zone accelerated the active impulse waves iii and (3).

Given the clear multi-month downtrend, EURCHF can be expected to fall further toward the next major support level 0.9500 (which reversed the price multiple times in last September).

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