EURCHF Wave Analysis – 07 August, 2020

• EURCHF reversed from key resistance level 1.0835

• Likely to fall to 1,0735

EURCHF recently reversed down from the key resistance level 1.0835 (monthly high from June) – standing near the upper daily Bollinger band.

The downward reversal from the resistance level 1.0835 stopped the previous medium-term corrective wave (2).

Given the strongly bearish euro sentiment seen today – EURCHF is likely to fall further toward the next support level 1,0735 (low of the daily Hammer from the end of June).