EURCHF Wave Analysis 7 December 2023

– EURCHF reversed from support level 0.9420

– Likely to rise to resistance level 0.9500

EURCHF recently reversed from the strong support level 0.9420, which stopped the previous strong downtrend in the middle of October.

The upward reversal from the support level 0.9420 is likely to form today the Bullish Engulfing – strong buy signal for this currency pair.

Given the strength of the support level 0.9420 and the oversold daily Stochastic, EURCHF can be expected to rise further to the next resistance level 0.9500.