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
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Author
Gregor Horvat
Wavetraders
Experience Grega is based in Slovenia and has been in the Forex market since 2003.
