USDCHF Looking Bullish – Elliott wave analysis
USDCHF completed a seven-swing correction within a bigger leg E at the 0.918 area, from where a sharp recovery started developing. This rise is first evidence of a completed leg E, and that further upside may follow, ideally in a bigger five-wave cycle. That said, be aware of temporary pullbacks within the unfolding uptrend, speaking of which, first one or the right shoulder of a potential head&shoulder formation can be underway with possible support/bullish turn at the 0.945/0.939 zone. Once support is set, we will also see price rise in a five-wave move. Also break of 0.989 level would confirm bullish continuation.
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