USDCHF Technical Analysis Report 03 December, 2020

  • USDCHF broke round support level 0.9000
  • Likely to fall to 0.8900

USDCHF continues to fall after the earlier breakout of the powerful round support level 0.9000 (which stopped the previous sharp impulse waves (1) and 1 in August and November, as can be seen from the daily USDCHF chart below). The breakout of the support level 0.9000 accelerated the active minor impulse wave (iii) – which belongs to the higher order impulse waves (3) and 3 respectively.

Given the powerful downtrend that can be seen on the daily USDCHF charts and the steadily rising bullish Swiss franc sentiment as seen across the currency markets today – USDCHF index is likely to fall down further toward the next support level 08900 (target price for the completion of the active minor impulse wave (iii)).

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