Technical analysis

USDCHF Wave Analysis – 20 July, 2020

USDCHF Wave Analysis – 20 July, 2020

• USDCHF reversed from level 0.9380

• Likely to rise to 0.9465

USDCHF recently reversed up from the key support level 0.9380 (which has been reversing the price from the middle of March, as can be seen from the daily USDCHF chart below).

The support area neat the support level 0.9380 is strengthened by the lower daily Bollinger Band.

Given the clear bullish divergence on the daily Stochastic indicator – USDCHF is likely to rise further toward the next resistance level 0.9465 (top of the previous corrective wave (ii)).

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