USDCHF Wave Analysis

  • USDCHF rising inside impulse wave i
  • Likely to reach resistance level 0.9000

USDCHF continues to rise inside the minor impulse wave i, which started earlier, when the pair reversed up from the key support level 0.8835, standing near the lower daily Bollinger Band and the 50% Fibonacci correction level of the previous upward impulse from December.

The upward reversal from the support level 0.8835 created the perfectly formed Japanese candlesticks reversal pattern Morning Star.

Given the continuation of the Swiss franc sales and USD bullish sentiment seen today, USDCHF can be expected to rise toward the next round resistance level 0.9000 (former strong support from April and May).

FxPro is an award-winning online broker offering Contracts for Difference (CFDs) on forex, futures, spot indices, shares, spot metals and spot energies. FxPro serves clients in over 150 countries worldwide and offers multilingual customer support 24/5. Trading CFDs involves significant risk of loss.

Featured Analysis

Learn Forex Trading