USD/CHF is ready for a bull-run - Elliott wave analysis
|USD/CHF can be forming a bullish setup from the beginning of March.
Today we will talk about USD/CHF and its price action from Elliott Wave perspective.
USD/CHF made strong and impulsive recovery in the beginning of March, ideally into the first leg A)/1) of a minimum three-wave A/1-B/2-C/3 rise. Since then, we have seen slow and mostly sideways price action which suggests a correction, and as you can see, we have a three-wave corrective decline in wave B)/2). So, we can now expect another rally, probably into a wave C) or 3) that can send the price back to highs at least towards important 1.00 psychological resistance area.
Technically speaking, after recent strong bounce away from important 78,6% Fibonacci retracement and with a bullish daily candlestick, we can easily expect more gains towards projected 1.00 area, but to confirm our wave count, we need to see it back above channel resistance line and 0.9780 region.
Respect the price action and trade smart!
USD/CHF, daily
We realize that markets are very volatile and unstable these days. That is why we decided to give out a Special Discount to New and OLD members; Save 50% on Any FX or Digital Package. Visit EW-Forecast.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.