The current USDCHF formation hints to a bearish triple zigzag.
The 1-hour time frame shows the final wave Z of the cycle degree pattern which is also a triple zigzag. The primary degree pattern consists of sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. We currently see the development of the last wave in this construction.
We could expect that in the near future, intermediate wave (C) will end near 0.888.
At that level, wave Ⓩ will be at 78.6% of zigzag wave Ⓨ.
An alternative scenario shows impulse wave (A) of the intermediate degree is complete. Impulse wave (A) is the first part of the primary zigzag Ⓩ.
In the near future, we will see an increase in the price in the intermediate correction (B).
Most likely, the rise of the USDCHF pair will continue to 0.919, where correction (B) will be at 61.8% of impulse (A).
Finally, the market is expected to decline in the impulse wave (C).Test your strategy on how the CHF will fare with Orbex - Open Your Account Now.