USDCHF Wave Analysis 21 January, 2021

• USDCHF reversed from resistance level 0.8910

• Likely to fall 0.8800

USDCHF recently reversed down from the resistance level 0.8910 (which has been steadily reversing the price from the start of December – as can be seen below).

The resistance zone near the resistance level 0.8910 was strengthened by the upper daily Bollinger Band and by the 38.2% Fibonacci correction of the downward impulse from November.

Given the clear multi-year downtrend – USDCHF is expected to fall further toward the next support level 0.8800 (target price for the active minor wave (b)).