USDCHF made a five-wave drop from the 1.024 area, and unfolded wave A) as part of a bigger three-wave decline; A)-B)-C). The overlapping price activity which followed can be a double zig-zag correction within a wave B), with price currently unfolding final leg Y. Potential resistance/turning point area for sub-wave c of Y of B) can be near the 1.0080-1.0150 region.
On the 4h time frame of the USDCHF we can see that price is turning higher, now already at the upper side of a corrective channel with a strong and only one leg from 0.9840 low, so we think that drop from October high was just a corrective pullback within a higher degree wave b. As such, more upside towards 1.0080-1.0150 is expected; ideally in five waves before bears can come back in play.
USDCHF, 4hGet the 5 most predictable currency pairs