Technical analysis

EURCHF Wave Analysis 6 September 2023

– EURCHF reversed from pivotal support level 0.9525

– Likely to rise to resistance level 0.9600

EURCHF currency pair recently reversed up from the pivotal support level 0.9525 (which stopped the previous waves 3 and i), intersecting with the lower daily Bollinger Band.

The upward reversal from the support level 0.9525 stopped the active short-term impulse wave iii from the end of August.

Given the strength of the support level 0.9525 and the triple bullish divergence on the daily Stochastic, EURCHF can be expected to rise toward the next resistance level 0.9600 (top of the previous waves ii and b).

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