Categories: Technical analysis

USDCHF Wave Analysis – 1 September, 2020

• USDCHF reversed from support level 0.9000

• Likely to rise to 0.9160

USDCHF today reversed up sharply from the round support level 0.9000 (low of the previous impulse wave (i) – intersecting with the weekly down channel from 2019.

The upward reversal from the support level 0.9000 is likely to create the daily Morning Star – if the price closes today near the current levels.

Given the clear bullish divergence on the daily Stochastic indicator – USDCHF is likely to rise toward the next resistance level 0.9160 (top of the previous corrective wave (ii)).

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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