USDCHF Wave Analysis 16 January 2024

– USDCHF reversed from support level 0.8400

– Likely to rise to resistance level 0.8700

USDCHF currency pair recently reversed up with the weekly Piercing Line from the key support level 0.8400.

The support level 0.8400 was strengthened by the lower daily Bollinger Band and by the support trendline of the weekly down channel from the start of last year.

Given the strong Swiss franc sales, USDCHF can be expected to rise further to the next resistance level 0.8700 (former support from the end of last year).