Elliott Wave Analysis of USD/CHF - Bottom in place?
USD/CHF has been declining since the January 2017 peak at 1.0335. The decline is best view as corrective in nature indicating, that this decline is an (X)-wave and a push to new highs above 1.0335 ultimately should be expected.
That said, the question whether the (X)-wave from January 2017 is complete with the test of 0.8757? A good case can be made, that a bottom is in place and a new rally is developing.
To confirm, that a new impulsive rally is developing, we need a break above minor resistance at 0.8922 and more importantly we will need to see solid resistance at 0.9174 give away for a push towards 0.9556 on the way to the 2017 peak at 1.0335.
If, however resistance at 0.8922 is able to protect the upside for renewed downside pressure through support at 0.8757 then a continuation of the corrective down-trend should see a dip closer to 0.8584 and in its extreme a dip to 0.8110 could be seen, but this is not my preferred view at the moment.
Remember that the trend and patience are your friends
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