USDCHF Wave Analysis 29 August 2023

– USDCHF reversed from pivotal resistance level 0.8830

– Likely to fall to support level 0.8750

USDCHF currency pair recently reversed down from the pivotal resistance level 0.8830 (former multi-month low from May), intersecting with the upper daily Bollinger Band and the 50% Fibonacci correction of the downward impulse from May.

The resistance level 0.8830 was further strengthened by the resistance trendline of the wide daily down channel from the start of May.

Given the clear daily downtrend, USDCHF currency pair can be expected to fall further toward the next support level 0.8750.