Technical analysis

USDCHF Wave Analysis – 8 February 2023

• USDCHF reversed from resistance level 0.92865

• Likely to fall to support level 0.9100

USDCHF continues to fall after the price reversed down from the resistance level 0.92865, which stopped the previous waves (a), (b).

The resistance level 0.92865 was further strengthened by the upper daily Bollinger Band and by the 61.8% Fibonacci retracement of the previous downer impulse from last month.

Given the clear daily downtrend, USDCHF can be expected to fall further toward the next support level 0.9100.

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