USDCHF currency pair can be expected to fall to the next support level 0.7830 (low of wave b from the middle of March).
- USDCHF broke daily up channel
- Likely to fall to support level 0.7830
USDCHF currency pair recently broke the support trendline of the daily up channel from the end of February (which enclosed half of the previous ABC correction 2 from January, as can be seen from the daily USDCHF chart below). The breakout of this up channel accelerated the active downward short-term impulse wave 3, which belongs to intermediate impulse wave (C) from the start of November. The active impulse wave 3 started earlier when the price reversed down with the daily Shooting Star from the key resistance level 0.8050 (previous monthly high from January).
Given the clear daily downtrend and the bullish Swiss franc sentiment seen today, USDCHF currency pair can be expected to fall to the next support level 0.7830 (low of wave b from the middle of March).
