Technical analysis

USDCHF Wave Analysis 2 January 2024

– USDCHF reversed from key support level 0.8400

– Likely to rise to resistance level 0.8600

USDCHF currency pair recently reversed up from the key support level 0.84000 (intersecting with the lower weekly Bollinger Band).

The support level 0.84000 was further strengthened by the lower support trendline of the weekly down channel from the start of 2023.

Given the still oversold weekly stochastic, USDCHF can be expected to rise further to the next resistance level 0.8600 (former support from the middle of last year).

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