• USDCHF reversed from support area
• Likely to rise to 0.9150

USDCHF rising steadily from today’s open after the price earlier reversed up from the support area lying between the support level 0.9050 (which has reversed the price numerous times from the start of August) and the round strong support at 0.9000 (which formed the monthly low at the end of August). This support area was further strengthened by the lower daily Bollinger Band. The upward reversal from this support area started the active correction (ii).

Having recently broken the resistance trendline of the daily down channel from the end of September (which enclosed the previous sharp downward impulse sequence (i))- USDCHF is expected to continue the upward movement in the active short-term correction (ii). The next upward target stands at the resistance level 0.9150 (top of the previous wave (iv), interesting with the resistance trendline from May).