Technical analysis

USDCHF Wave Analysis 16 May 2024

– USDCHF reversed from round support level 0.9000

– Likely to rise to resistance level 0.9100

USDCHF currency pair recently reversed up from the round support level 0.9000 (which stopped the previous corrections iv, 4 ii, 1).

The support level 0.90000 was strengthened by the lower daily Bollinger Band and by the 50% Fibonacci correction of the previous upward impulse from March.

Given the strong daily uptrend, USDCHF currency pair can be expected to rise further to the next resistance level 0.9100, top of the previous waves a, 2.

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