USDCHF Bearish Triple Zigzag Completion Coming Up!

The current USDCHF structure shows that the pair completed the actionary wave y of a cycle degree. This was followed by a cycle intervening wave x.

Judging by the structure, wave x takes the form of a bearish triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. At the time of writing, this construction is more than halfway through its completion.

Currently, bears are structuring an actionary wave Ⓩ. We can see the completion of the wave Ⓩ near the 0.893 area. At that level, cycle wave x will be at 100% along the Fibonacci lines of wave y.

After reaching this mark, the price could start an upward movement in the wave z above the maximum of 0.936.

USDCHF

Let’s look at the alternative scenario that hints at a price increase. According to this, the formation of the cycle intervening wave x is fully completed. It also has the form of a triple zigzag of the primary degree.

Thus, we can make an assumption that in the last section of the chart we can see the initial part of the bullish actionary wave z of the cycle degree.

Most likely, with wave z, prices will rise above the previous maximum of 0.937, near 0.951. At that level, actionary cycle waves y and z will be equal.

About the Author
“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.” [space height="10"] At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading. Please Director at Visit our site for more details.

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