E Elliott Wave Analysis: USDCHF Trading In A Bullish Impulse

On the updated chart of USDCHF we see the pair made a sharp and strong recovery from 0.9813, as an indication of a low in place.

If that is the case, then the recent big three wave pattern to the downside was completed as a contra-trend move wave E of a triangle correction, therefore more gains may follow in the days, even weeks ahead.

As such, the current reversal down on intraday charts is seen as a temporary corrective set-back that may stop near the 1.000 psychological level. Invalidation level is at 0.9813; as long this one holds, the trend is up.

 

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