Technical analysis

USDCHF Wave Analysis 8 March, 2021

USDCHF Wave Analysis 8 March, 2021

• USDCHF broke resistance level 0.9300

• Likely to rise to resistance 0.9400

USDCHF recently broke the pivotal resistance level 0.9300 (former multi-month high from the end of September).

The breakout of the resistance level 0.9300 coincided with the breakout of the 50 % Fibonacci correction of the downward impulse from last May.

Given the continued dollar bullishness seen today – USDCHF is likely to rise further toward the next resistance 0.9400 (target price for the completion of the active impulse wave 3).

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