Elliott Wave Forecast: USDCHF Dips Can See Support

Elliott Wave View suggests USDCHF rally from March 9 low is unfolding as 5 waves impulse structure. Up from March 9 low, wave ((1)) ended at 0.9889, and wave ((2)) pullback is proposed complete at 0.9497. Internal of wave ((2)) unfolded as a Flat structure. Wave (A) ended at 0.974, wave (B) bounce ended at 0.99, and wave (C) of ((2)) ended at 0.9497.

Pair still needs to break above March 21 high (0.99) to avoid a double correction in wave ((2)). Wave ((3)) is currently in progress as another 5 waves where wave (1) of ((3)) ended at 0.9797. Internal of wave (1) also unfolded as 5 waves impulse in lesser degree. Up from 0.9497, wave 1 of (1) ended at 0.9685, and pullback in wave 2 of (1) ended at 0.9593. Pair resumed higher in wave 3 of (1) towards 0.9796, and pullback in wave 4 of (1) ended at 0.974. Finally, wave 5 of (1) ended at 0.9797.

Wave (2) pullback is in progress as a zigzag structure where wave A ended at 0.968. Expect wave B bounce to fail below 0.9797 and pair to turn lower in wave C of (2) to correct cycle from March 28 low in 3, 7, or 11 swing before the rally resumes.

USDCHF 1 Hour Elliott Wave Chart