USD/CHF Elliott Wave: Medium term bottom found

Executive summary
Trend bias: USD/CHF appears to have bottomed at .7872 and beginning a bullish rally.
Key levels: Bullish above .7872.
Target zone: Upside target lies near the 0.83 region and possibly .86.
Current Elliott Wave analysis
The Elliott wave analysis for the USD/CHF daily chart illustrates a completed A-B-C structure at the July 1 low of .7872. This means the downtrend pattern from November 2022 is complete and a large rally may be underway.
Back in January 2025, we saw symptoms of a top in price and forecasted a decline to .83 and possibly .77. The low on July 1 at .7872 fulfilled that forecast.
Now, a large rally is beginning that likely carries up to .83, where the 38% Fibonacci retracement level sits and where broken horizontal support is located. Higher levels are possibly like .86 where the 61% retracement level rests and the January 2025 high near .92.
Depending on how the structure of the rally develops will determine which larger degree pattern is unfolding.
Bottom line
USD/CHF likely bottomed on July 1 at .7872. A rally to .83 and possibly .86 appears to be the higher probability trend.
In the unexpected event of a decline below .7872, then we’ll consider wave ‘C’ is extending further down.
Author

Zorrays Junaid
Alchemy Markets
Zorrays Junaid has extensive combined experience in the financial markets as a portfolio manager and trading coach. More recently, he is an Analyst with Alchemy Markets, and has contributed to DailyFX and Elliott Wave Forecast in the past.


















