EURCHF Wave Analysis – 5 June 2023

– EURCHF reversed from resistance level 0.9745

– Likely to fall to support level 0.9675

EURCHF recently reversed down from the pivotal resistance level 0.9745 (former support from March and the start of May) strengthened by the 20-day moving average and the 38.2% Fibonacci correction of the downward impulse from last month.

The downward reversal from the resistance level 0.9745 created the second consecutive reversal pattern Shooting Star.

Given the strong daily downtrend, EURCHF can be expected to fall further toward the next support level 0.9675 (which stopped the previous downward impulse wave (i)).