USDCHF currency pair can be expected to rise further toward the next resistance level 0.8550.
– USDCHF reversed from support zone
– Likely to rise to resistance level 0.8550
USDCHF currency pair recently reversed up sharply from the major support zone located between the multi-month support level 0.8410 (which reversed the price from last December, as can be seen from the daily USDCHF chart below) and the lower daily Bollinger Band. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Morning Star which stopped the previous impulse wave 3 of the higher order downward impulse wave (3) from the start of July.
Given the strength of the nearby support zone surrounding the support level 0.8410 and the resumption of the bullish US dollar sentiment, USDCHF currency pair can be expected to rise further toward the next resistance level 0.8550.
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