USDCHF Wave Analysis 27 August 2024

– USDCHF broke key support level 0.8450

– Likely to fall to support level 0.8330

USDCHF currency pair today broke below the key support level 0.8450 (which stopped the previous sharp downward impulse wave (1) at the start of August).

The breakout of the support level 0.8450 should accelerate the active impulse wave (3) which started earlier from the pivotal resistance level 0.8750 (former support from March).

Given the continued bearish US dollar sentiment, USDCHF currency pair can then be expected to fall to the next support level 0.8330 (former multi-month low from December).