USDCHF in a three-wave pullback; support near 0.950/0.940 zone - Elliott wave analysis

Gregor Horvat Wavetraders

Hello traders,

USDCHF made a five-wave drop from the 1.024 area, and unfolded wave A) as part of a bigger three-wave decline; A)-B)-C). The overlapping price activity which followed can be a double zig-zag correction within a wave B), and can be completed at the 1.002 level. That said, we are now observing a wave C) in progress, which can target the 0.950/0.940 possible support region, where bulls can again take over.

USDCHF, daily

Trade well,

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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