USDCHF Wave Analysis 7 August 2024

– USDCHF reversed from support zone

– Likely to rise to resistance level 0.8735

USDCHF currency pair recently reversed up from support zone located between the support level 0.8430 (which stopped the weekly downtrend at the end of 2023) and the lower weekly Bollinger Band.

The upward reversal from this support zone stopped the previous weekly impulse wave (C) from the end of June.

Given the strength of the support level 0.8430 and the oversold weekly Stochastic, USDCHF currency pair can be expected to rise further toward the next resistance level 0.8735.