Technical analysis

USDCHF Wave Analysis – 11 November, 2022

USDCHF Wave Analysis – 11 November, 2022

• USDCHF broke support level 0.9735

• Likely to fall to support level 0.9475

USDCHF recently broke the key support level 0.9735 (low of the earlier short-term wave (iv) from the end of September) intersecting with the support trendline of the daily up channel from August.

The breakout of the support level 0.9735 accelerated wave c-wave of the active minor ABC correction 2 from the middle of October.

Given the continuation of the strongly bearish USD sentiment, USDCHF can be expected to fall further toward the next support level 0.9475 (monthly low from September and the target for the completion of the active wave 2).

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