Technical analysis

USDCHF Wave Analysis – 12 October, 2022

USDCHF Wave Analysis – 12 October, 2022

• USDCHF reversed from resistance zone

• Likely to fall to support level 0.9915

USDCHF recently reversed down from the resistance zone lying between the key resistance level 1.0025

(which has been reversing the pair from May), upper daily Bollinger Band and the resistance trendline of the daily up channel from April.

The downward reversal from this resistance zone stopped the earlier short-term impulse wave (i).

Given the overbought daily Stochastic, USDCHF can be expected to fall further toward the next support level 0.9915.

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