USDCHF Wave Analysis 7 May 2024

– USDCHF reversed from support zone

– Likely to rise to resistance level 0.9200

USDCHF currency pair recently reversed up from the support zone lying between the round support level 0.9000 (which has been reversing the price from March), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from March.

The upward reversal from the support level 0.9000 stopped the previous short-term correction ii.

Given the clear daily uptrend and the bullish US dollar sentiment seen across the currency markets today, USDCHF can be expected to rise further to the next resistance level 0.9200 (which stopped the previous impulse wave i).