Elliott Wave Analysis: USDCHF Is Looking Higher; More Upside In View


USDCHF was in a strong uptrend in the last few months of 2016, so recent sideways price move since mid-December was just another correction or pause within uptrend. We saw it as wave 4) that has unfolded as a complex correction, with sub-wave C being an ending diagonal. As such, recent turn up from January 31 low can be start of a new uptrend that may unfold in impulsive manner.
At the moment we can see a bullish rally taking place from around the 0.9966 level, which we labeled as end of wave two which suggest that price could be already trading in the following wave three. If that is the case then we could be in for more strength, ideally towards the 1.0289 region. Some minor corrections may show up in the next few sessions, but this will only be regarded as temporary.

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