USDCHF Wave Analysis – 21 January, 2019

USDCHF rising inside short-term impulse wave 3
Further gains are likely

USDCHF continues to rise inside the short-term impulse wave 3, which previously broke through the resistance trendline of the daily down channel from November.

The active impulse wave 3 started earlier this month – when the pair reversed up from the support zone lying at the intersection of the support level 0.9750 and the support trendline of the aforementioned down channel.

USDCHF is expected to rise further and re-test the next key resistance at parity (monthly high from December).

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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