Technical analysis

USDCHF Wave Analysis – 4 November, 2022

USDCHF Wave Analysis – 4 November, 2022

• USDCHF reversed from the resistance level 1.0145

• Likely to fall to support level 0.9845

USDCHF currency pair recently reversed down from the key resistance level 1.0145 (which stopped the earlier impulse wave (v)).

The resistance level 1.0145 was strengthened by the upper daily Bollinger Band and by the resistance trendline of the daily up channel from August.

Given the bearish divergence on the daily Stochastic indicator, USDCHF can be expected to fall further toward the next support level 0.9845 (low of the earlier correction 2 from the end of October).

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