USD/CHF Price Prediction: CHF Is Slowing Down, Elliott Wave Intraday Analysis

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 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.

USD/CHF Price Forecast

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.

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