Technical analysis

USDCHF Wave Analysis 29 December, 2020

USDCHF Wave Analysis 29 December, 2020

• USDCHF reversed from resistance level 0.8910

• Likely to fall to 0.8815

USDCHF recently reversed down from the key resistance level 0.8910 (which has reversed the price numerous times from the start of December as can be seen below) – strengthened by the lower trendline of the weekly down channel from 2019.

The downward reversal from the resistance level 0.8910 started the active minor impulse wave (iii) which is aligned with the powerful downtrend inside which the pair has been trading from last year.

USDCHF is expected to fall further toward the next support level 0.8815 (low of the previous impulse wave (i)) – followed by 0.8800.

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