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USDCHF Elliott Wave Analysis Trading Lounge Day  Chart, 2 February 2024

U.S.Dollar/Swiss Franc(USDCHF) Day Chart

USDCHF Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: impulsive

STRUCTURE: Subwaves of black wave 5

POSITION: Red wave C

DIRECTION NEXT LOWER DEGREES: black wave 5 (continue)

DETAILS: black wave 4 looking completed at 0.87310. Now black wave 5 is in play.  Wave Cancel invalid level: 0.87310

The "USDCHF Elliott Wave Analysis Trading Lounge Day Chart" dated February 2, 2024, provides a detailed analysis of the U.S. Dollar/Swiss Franc (USDCHF) currency pair using Elliott Wave Technical Analysis.

The identified "FUNCTION" is "Trend," indicating a focus on capturing and understanding the prevailing trend in the market. Traders using this analysis are likely interested in aligning their strategies with the directional movements of the currency pair.

The specified "MODE" is "Impulsive," suggesting that the current price action is characterized by strong and directional movements. Impulsive waves often present trading opportunities for those looking to capitalize on sustained market trends.

The "STRUCTURE" is labeled as "Sub Waves of black wave 5," implying a detailed breakdown of the ongoing wave count within the broader structure of black wave 5. This level of granularity in the analysis provides traders with a more nuanced understanding of the market dynamics.

The "POSITION" is defined as "Red wave C," signaling the current position within the broader wave count. Red wave C is typically associated with corrective waves within the Elliott Wave framework.

In terms of "DIRECTION NEXT LOWER DEGREES," the analysis points to "Black wave 5 (continue)," indicating that the impulsive movement identified at a higher degree is expected to persist as the next lower degree unfolds.

The "DETAILS" section notes that "Black wave 4 looking completed at 0.87310." This implies that a corrective wave, identified as black wave 4, has likely concluded, and the market is currently in the early stages of black wave 5.

The "Wave Cancel invalid level" is specified as "0.87310." This level serves as a critical reference point, and any breach of this level may prompt a reevaluation of the current wave count and market outlook.

In summary, the USDCHF Elliott Wave Analysis for the Day Chart on 2 February 24, highlights an impulsive movement within the context of black wave 5. Traders are advised to closely monitor the market, especially the specified invalidation level at 0.87310.

Technical Analyst: Malik Awais

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