Wed, Mar 29, 2023 @ 05:55 GMT
HomeContributorsTechnical AnalysisUSD/CHF: Sideways Correction Completion May Indicate a Further Fall

USD/CHF: Sideways Correction Completion May Indicate a Further Fall

The USDCHF pair seems to be forming a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. Its final part, wave Ⓩ, is under development.

It is assumed that the wave Ⓩ can end in the form of a standard intermediate zigzag (A)-(B)-(C). Wave (A) is a 5-wave bearish impulse, wave (B) has a horizontal internal structure of a double three W-X-Y.

Thus, the formation of the final intermediate wave (C) can be expected in the near future. It is possible that it will be at 76.4% of impulse (A), and will end near 0.871.

Alternatively, the development of correction (B) may continue. Its structure is similar to the double three W-X-Y.

At the moment, two parts have been completed in it – the minor sub-waves W and X. Both of these sub-waves are similar to double zigzags of the minute degree ⓦ-ⓧ-ⓨ.

To confirm this scenario, the last minor wave Y is needed, it can also be a minute double zigzag.

It is likely that the bulls will send the market to the level of 0.960, which is on the resistance line.

At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading.

Featured Analysis

Learn Forex Trading

Trading USD/CAD Currency Pair

The Four Letter R-Word