USDCHF Triple Zigzag Drags Prices Lower
The USDCHF pair seems to be forming a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. The final wave Ⓩ is now under development. The wave Ⓩ can end in the form of a standard intermediate zigzag (A)-(B)-(C). Wave (A) is a 5-wave bearish impulse, wave (B) has a horizontal internal structure of a double three W-X-Y. Thus, the formation […] The post USDCHF Triple Zigzag Drags Prices Lower appeared first on Orbex Forex Trading Blog.
The USDCHF pair seems to be forming a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. The final wave Ⓩ is now under development.
The wave Ⓩ can end in the form of a standard intermediate zigzag (A)-(B)-(C). Wave (A) is a 5-wave bearish impulse, wave (B) has a horizontal internal structure of a double three W-X-Y.
Thus, the formation of the final intermediate wave (C) is likely in the near future. It is possible that it will be at 76.4% of impulse (A), and will end near 0.871.
Alternatively, the development of correction (B) could continue. Its structure is similar to the double three W-X-Y.
At the moment, the minor sub-waves W and X have ended. Both of these sub-waves are similar to double zigzags of the minute degree ⓦ-ⓧ-ⓨ.
To confirm this scenario, the last minor wave Y is needed. It can also be a minute double zigzag.
It is likely that the bulls will send the market to the level of 0.960, which is on the resistance line.
The post USDCHF Triple Zigzag Drags Prices Lower appeared first on Orbex Forex Trading Blog.
