USDCHF Wave Analysis – 10 July 2023

– USDCHF broke support level 0.8920

– Likely to fall to support level 0.8820

USDCHF currency pair recently broke the support level 0.8920, which has been reversing the pair from the start of May.

The breakout of the support level 0.8920 coincided with the breakout of the 61.8% Fibonacci correction of the ABC wave 2 from the start to the end of May.

Given the clear multi-year downtrend, USDCHF can be expected to fall further toward the next support level 0.8820 (low of the impulse wave 1 from the start of May).