USDCHF Wave Analysis 1 February 2024

– USDCHF reversed from resistance level 0.8680

– Likely to fall to support level 0.8460

USDCHF currency pair recently reversed down from the key resistance level 0.8680, former strong support from August and December.

The resistance level 0.8680 was strengthened by the upper daily Bollinger Band and by the 50% Fibonacci correction of the sharp downward impulse from October.

USDCHF can be expected to fall further to the next support level 0.8460 (low of wave b from the start of this month, target for the completion of the active wave b).