USD/CHF signaling more weakness?
As you can see, USD/CHF finished 5 waves up but broke the previous wave 4, and you know that according to the Elliott Principle, the previous wave 4 is a very strong and critical support level, thus breaking it will push USD/CHF for more downside. Our first target will be the 61.8% Fibonacci Retracement level (0.90997). Breaking the 61.8% level will push USD/CHF towards our second target which is the 78.6% Fibonacci Retracement level (0.89986) and the 100% Fibonacci Retracement level at (0.88698) as our third target.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.