Technical analysis

USDCHF Wave Analysis – 9 May 2023

• USDCHF reversed from key support level 0.8860

• Likely to rise to resistance level 0.8965

USDCHF currency pair recently reversed up from the key support level 0.8860 (which has been steadily reversing the pair from the middle of April).

The upward reversal from the support level 0.8860 follows the earlier upward reversal which created the daily Morning Star Doji.

Given the triple bullish divergence on the daily Stochastic, USDCHF can be expected to rise further toward the next resistance level 0.8965 (which stopped the earlier waves (iv) and (ii)).

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