LeoPrime Daily Market Analysis

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USDCHF reversed from resistance level 0.94600; Likely to reach support level 0.94000.

USDCHF currency pair recently reversed down from the resistance zone located between the resistance level 0.94600 (former monthly high from July of 2020), upper daily Bollinger Band and by the 61.8% Fibonacci correction level of the previous sharp extended downward impulse wave from March of 2020. Given the reversal of the Swiss franc sentiment into the bullish territory and the overbought daily Stochastic – USDCHF currency pair is expected to fall further toward the next support level 0.94000 (former resistance from the start of March – which stopped the previous impulse wave (i)).

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