The current formation of USDCHF hints at a bullish standard zigzag Ⓐ-Ⓑ-Ⓒ of the primary degree.
The market completed the primary impulse wave Ⓐ, followed by a bearish correction Ⓑ, which resembles a zigzag. From the second half of February 2021 price has been structuring bullish impulse in wave Ⓒ of the intermediate degree (1)-(2)-(3)-(4)-(5).
It seems that an intermediate correction (4) came to an end, so soon we can see the pair in the final of the intermediate impulse (5) to 0.951. At that level, wave (5) will be at 61.8% of impulse wave (3).
An alternative scenario shows an unfinished intermediate wave (4). The formation resembles a zigzag, but larger than in the basic version.
At the moment, the minor impulse wave A is complete, and the bullish correction B is half-built.
In the future, we can expect a slight increase in the price until the end of wave B, then an impulse decline of the minor wave C near the 0.915 area. At that level, intermediate wave (4) will be at 50% of impulse (3).Test your strategy on how the CHF will fare with Orbex - Open Your Account Now.