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.
Get Full Access To Our Premium Elliott Wave Analysis For 14 Days. Click here.
By using Wavetraders website, any services, products, and content contained here, you agree that use of our service is entirely at your own risk. You understand that there is a very high degree of risk involved in trading on the markets. We assume no responsibility or liability for your trading and investment results. The charts, and all articles published on www.wavetraders.com are provided for informational and educational purposes only!
By using the information and services of www.ew-forecast.com you assume full responsibility for any and all gains and losses, financial, emotional or otherwise, experienced, suffered or incurred by you.
Recommended Content
Editors’ Picks
EUR/USD holds above 1.1300 despite weak EU PMI data
EUR/USD stays in a tight daily range above 1.1300 in the European session on Thursday. The PMI data from Germany and the Eurozone showed that the business activity in the private sector contracted in May, limiting the Euro's gains. Market focus shifts to US PMI data.
GBP/USD clings to minor gains above 1.3400 ahead of US PMI data
GBP/USD defends minor bids while trading above 1.3400 in the European session on Thursday. The data from the UK showed that S&P Global Composite PMI improved to 49.4 in May's flash estimate from 48.5 in April. Focus shifts to US PMI reports.
Gold price retreats further from two-week high; $3,300 mark holds the key for bulls
Gold price extends its steady intraday retracement slide from a nearly two-week high touched earlier this Thursday and slides to the lower end of its daily range during the first half of the European session. The pullback lacks any fundamental catalyst and is more likely to remain limited amid a combination of supporting factors.
US May S&P Global PMIs set to show stable services, slight decline in manufacturing
S&P Global will release the preliminary May Purchasing Managers’ Index (PMI) for the U.S at 13:45 GMT on Thursday. Market expectations suggest that PMI readings in May will change a little. The Services PMI is forecast to hold steady at 50.8 and Manufacturing PMI is seen ticking down to 50.1 from 50.2.
FOMO vs fundamentals: Retail buys the dip, institutional investors stay cautious
Retail optimism is rising, but institutions are still treading carefully amid lingering macro and earnings risks. Policy and fiscal uncertainty remain elevated, with trade tensions, U.S. debt concerns, and a cautious Fed dominating the backdrop.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.