USDCHF Impulsive Trend Hints At Fresh Highs

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The current USDCHF structure hints at the end of the bearish triple zigzag Z of a cycle degree.

Intermediate impulse wave (1) has completed whilst the bearish correction wave (2) is still under development.

In the short term, we could expect a decline in the minor impulse C to the 0.908 area. At that level, correction (2) will be at 50% of impulse (1).

After the end of the corrective move, we could see a rise above the level of 0.929 formed by primary intervening wave Ⓧ.

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An alternative scenario shows cycle wave Z has not yet completed.

In the final zigzag Ⓩ, a flat wave (B) of the intermediate degree has recently been constructed.

We are currently seeing a decline in the initial part of the bearish impulse (C). In the medium term, sub-waves 2-3-4-5 will send prices down to the 0.892 area.

At that level, intermediate impulses (A) and (C) will be equal.

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