Forex Trading Library

USDCHF: Bulls Could Be Targeting 1.002 Next

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The current structure hints to further upside as part of the cycle degree w-x-y-x-z triple zigzag.

With primary wave Ⓒ completed, the recent ascent could form a 5-wave move as part of the final bullish leg near 1.002.

Since the intermediate waves (1) and (2) have already been formed, we could expect a bullish ascend in the intermediate wave (3).

usdchf

With the bearish minor wave 3 level far from reach, this could be also seen as an incomplete 5-wave bearish move. In that case, wave Ⓒ is still under development.

This impulse consists of intermediate waves (1)-(2)-(3)-(4)-(5) and is currently correcting to complete wave (4).

A potential target for the conclusion of the intermediate correction is near 0.977, the 78.6% Fibo.  This could be followed by a decline to at least 0.961, i.e. to the lowest low.

 

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