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).
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.
