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Elliott Wave Analysis: USDCHF Trading In Wave 1) As Part Of An Uptrend

Elliott Wave Forecast
By Elliott Wave Forecast

On the updated chart of USDCHF, we see price undergoing a nice sharp and strong rally to the upside, probably as an indication for a low in place. If that is the case, then recent big three wave pattern to the downside is completed as a contra-trend move, therefore more gains may follow in days ahead. At the moment we see price trading in the first wave 1) that may find a potential top in sessions ahead and make a minimum three wave reversal to the downside for wave two. Possible support can then be around 0.9900.

USDCHF, 4H

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