Technical analysis

USDCHF Wave Analysis – 5 November, 2021

USDCHF Wave Analysis – 5 November, 2021

• USDCHF reversed from support level 0.9100

• Likely to rise to resistance level 0.9200                                                                  

USDCHF currency pair continues to rise after the price reversed up from the support level 0.9100, intersecting with the 61.8% Fibonacci correction of the previous upward impulse from June and the lower daily Bollinger band.

The upward reversal from the support level 0.9100 stopped the previous corrective wave (ii).

Given the strength of the support level 0.9100, USDCHF currency pair can be expected to rise further toward the next resistance level 0.9200 (top of the earlier wave (iv)).

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