Elliott Wave pattern suggests CHF strenght can be reversed in 2025
|USDCHF is breaking sharply lower, clearly making lower highs and lower swing lows which is an impulsive trend because of no overlaps. We see pair breaking below 2023 lows, but keep in mind that there are five waves down now in black wave 3, so possibly there will be a recovery up into wave 4, ideally still this month. Resistance is at 0.8334 and 0.86.
The big question is what is SNB thinking down here with CHF at some extreme levels which are hurting Swiss exports. Will they interevene? Well, I am looking at EURCHF as a proxy,a nd clearly we can be in very late stages of this multy year lows, even below the levels from 2011 and 2015 when SNB reversed the CHF trend. Can we see this again in 2025? Well, the wave count suggests that there is a big support at 0.9.
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