• USDCHF reversed from resistance zone
• Likely to fall further
USDCHF recently reversed down sharply from the resistance zone lying between the key resistance level 1.0050 (which stopped the sharp uptrend in May) and the upper daily Bollinger Band.
The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Shooting Star.
With the clear bearish divergence on the daily RSI indicator – USDCHF is likely to fall further and re-test the next support level 0.9870 (low for waves 2 and (ii).