Technical analysis

USDCHF Wave Analysis – 03 August, 2020

• USDCHF reversed from major support area

• Likely to rise to 0.9400

USDCHF recently reversed up from the major support area lying between the long-term support levels 0.9066 (yearly low from 2018) and 0.9175 (former strong support from 2015).

This support area was further strengthened by the lower weekly Bollinger Band.

Given the strength of the aforementioned support area – USDCHF is expected to rise further toward the next resistance level 0.9400 (former weekly low from the start of June).