LeoPrime Daily Market Analysis

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USDCHF reversed from 0.98500 support area ; Likely to rise to 0.99200

USDCHF recently reversed up from the support area lying between the key support level 0.9850 (which stopped the previous wave B in September), lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous upward impulse wave A from August. If the pair closes today near the active levels it will form the daily Japanese candlesticks reversal pattern Morning Star. Given the strong negative sentiment affecting the Swiss Franc at the moment, USDCHF is expected to rise further toward the next resistance level 0.9920 (former support which stopped the previous impulse wave 1).

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