Technical analysis

USDCHF Wave Analysis – 20 May, 2022

USDCHF Wave Analysis – 20 May, 2022

• USDCHF reversed from support area
• Likely to rise to resistance level 0.9800

USDCHF today reversed up from the support area lying at the intersection of the support level 0.9720 (which reversed the price at the start of May), 20-day moving average and the 38.2% Fibonacci correction of the upward impulse from March.

The upward reversal from this support area stopped the earlier minor correction (iv).

Given the clear daily uptrend, USDCHF can be expected to rise further toward the next resistance level 0.9800.

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