Categories: Technical analysis

USDCHF Wave Analysis 19 October, 2020

• USDCHF reversed from resistance area

• Likely to fall to 0.9080

USDCHF recently reversed down from the resistance area lying between the multi-candle resistance level 0.9160 (former support from the end of September) and the 38.2% Fibonacci correction of the downward impulse (i) from last month.

The downward reversal from this resistance area continues the active short-term impulse wave 3.

USDCHF is likely to fall further toward the next support level 0.9080 (low of the previous impulse wave (i)).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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Tags: USDCHF

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