Technical analysis

USDCHF Wave Analysis – 20 February 2023

• USDCHF reversed from resistance level 0.9300

• Likely to fall to support level 0.9145

USDCHF currency pair recently reversed down from the resistance level 0.9300, intersecting with the upper daily Bollinger Band and the 61.8% Fibonacci correction of the downward impulse from January.

The downward reversal from the resistance level 0.9300 created the daily Japanese candlesticks reversal pattern Shooting Star.

Given the strong daily downtrend, USDCHF can be expected to fall further toward the next support level 0.9145 (low of the previous minor correction B).

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