USDCHF Wave Analysis – 20 January, 2020

• USDCHF reversed from support area
• Likely to rise to 0.9700

USDCHF recently reversed up from the support area lying between the key support level 0.9650 (which has been reversing the price from August), support level 0.9650 and the lower daily Bollinger Band.

The upward reversal from this support area created the daily Japanese candlesticks reversal pattern Morning Star – with the Hammer in the middle.

With the clear bullish divergence visible on the daily Stochastic indicator – USDCHF is likely to rise further toward the next resistance level 0.9700.