E USD/CHF Looking Above 1.023 Zone

On the weekly chart of USD/CHF, we can see that price was for the last five years making a sideways, and overlapping price activity; a triangle in B. This triangle can now be completed based on latest sharp recovery from the 0.9176 level, where a low was put into place. If that is the case, then be aware of a minimum three-wave recovery above the 1.023 zone for a higher degree wave C, in weeks/months to come.

Taking a look at the USD/CHF daily chart, we can see that price made and unfolded a complex decline within a final leg E of a triangle, down from 1.023 level, and also found a low at the 0.918 level. Sharp recovery which is still unraveling can be part of a higher degree wave A)/1), which already breached some important bullish levels. That said, despite current strong rally price may still look for resistance, and a temporary pullback within the uptrend, before further gains may be seen.

The first possible resistance for the upcoming correction can be at the 1.0023 zone.

USDCHF, weekly + daily

(Click on image to enlarge)


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