Elliott Wave Analysis: USD/CHF Trading At Potential Reversal Zone

USDCHF is trading bearish, down from 1.012 level where a higher degree wave B) found a top, and wave C) started to develop. We can see that price unfolded a five-wave drop down to 0.9894 level, from where a temporary, three-wave pullback showed up. This three-wave pullback is now trading at potential resistance and reversal zones at 1.00-1.003, where a new turn lower may follow. At the mentioned zone, former swing high of wave iv and Fibonacci ratios can also react as reversal zones for the pair.

USDCHF, 4h

Below we have a closer look at the correction on the USDCHF pair.

USDCHF, 1h

USDCHF is trading higher but look at the personality of recovery from March 21st, its slow, choppy and overlapping so I think it can be a corrective rise; maybe even an ending diagonal in wave c here which can give even more confidence for a potential reversal lower in the near-term. .

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