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The USDCHF structure hints at a triple zigzag ending in wave z. The cycle degree correction consists of a primary degree Ⓐ-Ⓑ-Ⓒ zigzag.
Wave Ⓐ of z ended in a 5-wave bearish impulse. Whereas, wave Ⓑ ended in a triangle consisting of intermediate sub-waves (A)-(B)-(C)-(D)-(E).
At the time of writing, we see a bearish impulse developing in wave Ⓒ.
This is expected to complete its course near the 0.888 area. At that level, prices will be at 161.8% of impulse wave Ⓐ.
An alternative scenario suggests that wave z consists of a primary degree triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.
With waves Ⓦ and Ⓧ complete, a correction in wave Ⓨ can be expected near 0.911. At that level, wave (C) will be at 138.2% of impulse (A).
Following wave Ⓨ, the pair could rise near the 0.9328 area, in the second intervening wave Ⓧ. At that level, price will be at 50% of wave Ⓨ.Test your strategy on how the CHF will fare with Orbex - Open Your Account Now.
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