USDCHF: 1.005 Likely to Complete Minor Correction

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USDCHF is expected to remain upbeat in the short and medium-term. Looking at the 4H timeframe, we can see a potential double zigzag pattern consisting of primary sub-waves Ⓦ -Ⓧ -Ⓨ.

Waves  Ⓦ and  Ⓧ are completed. Wave Ⓨ , however, is currently under development.

Wave Ⓨ could be a double zigzag consisting of intermediate sub-waves (W)-(X)-(Y).

USDCHF

A closer look at the 1H timeframe hints to a bullish minor impulse A, which is part of the intermediate zigzag wave (Y).

Since the first three parts of this move are completed, we could expect a marginal bearish minute degree correction in the near future. Following that, bulls could conclude intermediate wave (A) near 1.005.

At that level, the minute impulse ⓥ will have reached the 50% Fibonacci extension of the 0.989 – 1.002 move.

USDCHF

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