• EURCHF reversed from support area
• Likely to rise to resistance level 1.0835
EURCHF currency pair recently reversed up from the support area located between the long-term support level 1.0695 (which has been reversing the price from last October) and the lower daily Bollinger Band. The upward reversal from this support zone started the active short-term corrective wave (ii) – which belongs to the higher-order downward impulse sequence (3) from the end of June.
Given the strength of the aforementioned support area, EURCHF currency pair can be expected to rise further toward the next resistance level 1.0835 (top of wave 2 from the start of August and the target price for the completion of the active correction (ii)).