USDCHF Technical Analysis Report 16 May, 2024

Dmitry Chernovolov Market Analyst

USDCHF currency pair can be expected to rise further toward the next resistance level 0.9100, which is the top of the previous minor abs correction 2 from the start of this month.

– USDCHF reversed from support zone

– Likely to rise to resistance level 0.9100

USDCHF currency pair recently reversed up from the support zone located between the support level 0.8985 (which has been reversing the price from the start of April, as can be seen from the daily USDCHF chart below), lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from March. The upward reversal from the support zone stopped the previous minor impulse wave 3 from the middle of May.

Given the strength of the support zone, USDCHF currency pair can be expected to rise further toward the next resistance level 0.9100, which is the top of the previous minor abs correction 2 from the start of this month.

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