Forex Trading Library

USDCHF Global Triple Zigzag Tests New Highs

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The USDCHF chart shows the final part of a large triple zigzag consisting of cycle sub-waves w-x-y-x-z.

Currently, there is a development of the actionary wave z of the cycle degree. Wave z will most likely take the form of a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ of the primary degree.

It seems that the development of the primary intervening wave Ⓧ has come to an end. Within which prices significantly decreased.

In the near future, the final wave Ⓩ is likely to be a standard intermediate zigzag. This can reach  the price level of 1.025. At that level, cycle wave z will be at 200% of previous actionary wave y.

According to an alternative scenario, the formation of the cycle wave z has ended in the form of a primary double zigzag Ⓦ-Ⓧ-Ⓨ. The final bullish wave Ⓨ ended in the form of a large double zigzag (W)-(X)-(Y) of the intermediate degree.

In the last section of the chart, we observe a downward movement of prices. This could indicate the beginning of the development of a new bearish impulse ①-②-③-④-⑤.

The chart shows an approximate scheme of possible future price movement. Most likely, in the near future, the pair will move towards the minimum of 0.919.

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