Today we will talk about USD/CHF, its price action from a technical point of view, and wave structure from the Elliott Wave perspective.
USD/CHF is in a downtrend since March and looks like there's room for more weakness as we see an incomplete five-wave decline. It's actually nicely moving within the EW channel and after recent three-wave corrective setback with perfect resistance around 0.90 area and channel resistance line for wave 4), we can easily expect more downside pressure within the final wave 5) that can send the price back to lows towards 0.87 – 0.86 area before it finds the bottom.
USD/CHF, Daily
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