Forex

USDCHF Is Slowing Down: Elliott Wave Intraday AnalysisMay 23, 2022

Hello traders, today we will talk about USDCHF pair. We will show you price action from technical point of view and wave structure from Elliott wave perspective.

USDCHF came higher very aggressively back in April and at the start of May, but after recent slow down for the US dollar, we can see USD is the weakest against CHF currency. So, USDCHF pair can be now trading in an Elliott wave (A)-(B)-(C) corrective decline.

Bearish Setup
Bearish Impulse Leads To Bearish Setup

In Elliott waves, we always have to expect corrections to be made by three waves A-B-C, especially if we get a five-wave impulse in the first leg A.

USDCHF chart

With current sharp and impulsive decline, USDCHF can be now finishing an Elliott wave five-wave cycle within first leg (A). So, bounce and Elliott wave three-wave A-B-C corrective recovery in wave (B) can be around the corner before we will see another decline for wave (C). Resistance can be anywhere between 0.98 – 0.99 area.

Happy trading!

Are you interested in more analysis? Check our latest video CLICK HERE TO WATCH

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