Hi traders, let's start the day with USDCHF.
USDCHF unfolded a nice five-wave rally up from 0.971 level, which we labelled as wave 1 that is part of a bigger, five-wave cycle. The drop that followed from the 0.999 level can now be labelled as leg a, first wave that is part of a higher degree correction, which can as a whole (wave 2) look for support near the 0.989-0.986 region. At the mentioned area, a bullish continuation may follow.
Also keep an eye on invalidation level; if we drop below 0.9717 then this count would be invalidated.
USDCHF unfolded a nice five-wave rally up from 0.971 level, which we labelled as wave 1 that is part of a bigger, five-wave cycle. The drop that followed from the 0.999 level can now be labelled as leg a, first wave that is part of a higher degree correction, which can as a whole (wave 2) look for support near the 0.989-0.986 region. At the mentioned area, a bullish continuation may follow.
Also keep an eye on invalidation level; if we drop below 0.9717 then this count would be invalidated.