Elliott Wave View suggests USDCHF rally from March 9 low is unfolding as 5 waves impulse structure. Up from March 9 low, wave ((1)) ended at 0.9889, and wave ((2)) pullback is proposed complete at 0.9497. Internal of wave ((2)) unfolded as a Flat structure. Wave (A) ended at 0.974, wave (B) bounce ended at 0.99, and wave © of ((2)) ended at 0.9497.
Pair still needs to break above March 21 high (0.99) to avoid a double correction in wave ((2)). Wave ((3)) is currently in progress as another 5 waves where wave (1) of ((3)) ended at 0.9797. Internal of wave (1) also unfolded as 5 waves impulse in lesser degree. Up from 0.9497, wave 1 of (1) ended at 0.9685, and pullback in wave 2 of (1) ended at 0.9593. Pair resumed higher in wave 3 of (1) towards 0.9796, and pullback in wave 4 of (1) ended at 0.974. Finally, wave 5 of (1) ended at 0.9797.
Wave (2) pullback is in progress as a zigzag structure where wave A ended at 0.968. Expect wave B bounce to fail below 0.9797 and pair to turn lower in wave C of (2) to correct cycle from March 28 low in 3, 7, or 11 swing before the rally resumes.
USDCHF 1 Hour Elliott Wave Chart
