Interesting pattern on USD/CHF points higher

Intermediate

Hello traders,

On the weekly chart of USD/CHF we can see that price was for the last five years making a sideways, and overlapping price activity; an Elliott wave running triangle in B. This triangle can now be completed based on latest sharp recovery from the 0.9176 level, where a low was put into place. If that is the case, then be aware of a minimum three-wave recovery above the 1.023 zone for a higher degree wave C, in weeks/months to come.

That said, let us also be aware of temporary pullbacks, and first one can already be underway, down from 0.99 level. Support for wave B)/2) can be at the Fib. Ratio of 50.0/61.8 (0.959 level, or deeper at the 0.944 level.

USDCHF, weekly

USD/CHF Weekly Chart

Elliot Wave Technical Analyst

Gregor Horvat is based in Slovenia and has been in the Forex market since 2003. He has been working for Capital Forex Group and TheLFB.com.

He is the owner of www.ew-forecast.com, which prov...continued

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