USDCHF Wave Analysis – 4 May, 2020

• USDCHF reversed from support zone
• Likely to rise to 0.9700

USDCHF recently reversed up from the support zone located between the key support level 0,9600 (low of the previous correction (b)), lower daily Bollinger Band and the 38.2% Fibonacci correction of the sharp upward correction 2 from march.

The upward reversal from this support zone is likely to create the daily candlesticks reversal pattern Bullish Engulfing.

USDCHF is expected to rise further toward the next resistance level 0.9700 (lying midway between the price levels 0,9600 and 0,9800).