Categories: Technical analysis

USDCHF Wave Analysis 1 April, 2021

• USDCHF reversed from 0.9460

• Likely to fall to support level 0.9380

USDCHF recently reversed down from the long-term resistance level 0.9460 (former monthly high from July) – strengthened by the upper daily Bollinger Band.

The downward reversal from this resistance area stopped the previous upward impulse waves (v) and 3 of the sharp upward impulse wave (C) from February.

Given the bearish divergence on the daily Stochastic indictor, overbought daily Stochastic – USDCHF currency pair is likely to fall toward the next support level 0.9380 (former top of wave 1 from the start of March).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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The FxPro Tech Analysis Team
Tags: USDCHF

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