USDCHF Wave Analysis – 03 February, 2020

• USDCHF reversed from support area
• Likely to rise to 0.9710

USDCHF recently reversed up sharply from the support area lying between the key support level 0.9630 (low of the previous daily Morning Star) and the lower daily Bollinger Band.

The upward reversal from this support area stopped the earlier short-term impulse wave 5 – which started earlier with the daily Evening Star from the resistance level 0.9765.

Given the strong bearish sentiment affecting the Swiss franc – USDCHF is likely to rise further toward the next resistance level 0.9710.