USDCHF Wave Analysis – 13 July 2023

– USDCHF falling inside impulse wave 3

– Likely to fall to support level 0.8500

USDCHF continues to fall strongly after the price broke below the pivotal support level 0.8820, former monthly low from May.

The breakout of the support level 0.8820 accelerated the active short-term impulse wave 3 of the weekly downward impulse wave C from the start of March.

Given the strong multi-year downtrend and widespread dollar sales, USDCHF can be expected to fall further toward the next support level 0.8500 (target for the completion the active impulse wave 3).