USDCHF Wave Analysis – 18 August, 2020

• USDCHF broke key support level 0.9060

• Likely to fall to 0.9000

USDCHF today broke below the key support level 0.9060 (which stopped the previous waves (iii) and 3 earlier this month – as can be seen below).

The breakout of the support level 0.9060 continues the active short-term impulse wave 5 – which belongs to the extended downward impulse sequence (3) from March.

USDCHF is likely to fall further toward the next round support level 0.9000 (intersecting with the lower support trendline of the wide weekly down channel from May of 2019).