USDCHF Technical Analysis Report 16 May, 2024

• The USDCHF currency pair is expected to rise further toward the next resistance level 0.9100.
• The pair recently reversed up from the support zone located between the support level 0.8985 and the 50% Fibonacci correction of the upward impulse from March.
• The upward reversal from the support zone stopped the previous minor impulse wave 3 from the middle of May.

Get the latest technical analysis report on the USDCHF currency pair for May 16, 2024. Discover the expected trends and market movements.

USDCHF Reverses from Support Zone

The USDCHF currency pair recently reversed up from the support zone located between the support level 0.8985, lower daily Bollinger Band, and the 50% Fibonacci correction of the upward impulse from March. This support zone has been reversing the price from the start of April, as can be seen from the daily USDCHF chart.

Expectation of Rise to Resistance Level 0.9100

Given the strength of the support zone, the USDCHF currency pair can be expected to rise further toward the next resistance level 0.9100. This level is the top of the previous minor abs correction 2 from the start of this month. The upward reversal from the support zone stopped the previous minor impulse wave 3 from the middle of May.

Conclusion

In conclusion, the USDCHF currency pair is showing signs of a bullish trend with an expected rise toward the resistance level 0.9100. However, as with all financial markets, it is crucial to monitor the market closely and conduct your own research or seek professional advice before making any investment decisions.