Elliott wave Analysis: USD/CHF Looking For a Bearish Turn

Hi traders,

USDCHF is recovering in a five-wave manner, ideally unfolding sub-wave v as part of higher degree wave 1, which can look for resistance and a reversal near the Fibonacci ratio of 261.8. Also we can see the relative strength index below suggesting that a top can be seen soon, and that a minimum reversal below the lower channel line may follow. That said, a drop below the channel line would suggest a temporary top in place, and a three-wave pullback as wave 2 to be in progress, with possible support around the 0.992 level.

USDCHF, 4h

USDCHF

 


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