Jump to content

U.S.Dollar/CHF(USDCHF) Day Chart Elliott Wave Technical Analysis 21 July 23

Recommended Posts


USDCHF Elliott Wave Analysis Trading Lounge Day Chart, 21 July 23,  

U.S.Dollar/CHF(USDCHF) Day Chart

USDCHF Elliott Wave Technical Analysis

Function: CounterTrend

Mode: Impulsive

Structure: Subwave 5 of C

Position: Wave C of Y

Direction Next Lower Degrees: wave (5) of Motive

Details: Subwave Wave “4” may completed at 0.86846. Subwave 5 Wave confirmation level 0.85612 . Wave Cancel invalid level: 0.88981. After wace C of Y new uptrend expected.

On 21st July 2023, the day chart of the U.S. Dollar/Swiss Franc (USDCHF) pair is analyzed using Elliott Wave theory, indicating a counter-trend movement with an impulsive mode. The function of the price movement is identified as counter-trend, while the mode is characterized as impulsive.

The current structure is recognized as Subwave 5 of C, with the position of the price wave designated as Wave C of Y. The projected direction for the next lower degrees is wave (5) of a larger Motive wave pattern.

The analysis provides further details, suggesting that Subwave Wave "4" may have already completed its corrective phase, potentially reaching the level of 0.86846. The market is now awaiting confirmation of Subwave 5 Wave, expected to occur around the level of 0.85612.

It is crucial to note that the wave count provided will lose its validity if the USDCHF price exceeds the level of 0.88981.

As of the specified date, 21st July 23, traders in the USDCHF market should closely monitor the counter-trend impulsive movement and look for confirmation of Subwave 5 before considering potential trading opportunities. Counter-trend trading carries inherent risks, and traders should employ sound risk management practices to protect their capital.

The analysis also suggests that after completing Wave C of Y, a new uptrend is expected. Traders should keep this in mind as it may present opportunities for those looking to participate in the new bullish phase.

As with any financial analysis, Elliott Wave analysis is not foolproof and should be complemented with other technical indicators and fundamental factors to gain a comprehensive understanding of the USDCHF market's current and potential future movements.

It is essential for traders to remain adaptive and flexible in their trading strategies as market conditions can change swiftly due to various factors, including economic data releases, geopolitical events, and shifts in market sentiment. By staying vigilant and prioritizing risk management, traders can navigate the complexities of the financial markets more effectively.


Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • I was scrolling through the forums and stumbled upon your post about liquidity in the crypto world. Let me tell ya, you hit the nail on the head with that one. Liquidity is like the lifeblood of this whole decentralized finance thing, right? Without enough liquidity, transactions can feel like pulling teeth.
    • One of the unique advantages I get from my gaming enthusiasm is to be exposed to cutting edge innovations in the gaming sphere. This time, I came across Altered State Machine (ASM), a project that seems to be shaking up the industry with it's decentralized AI protocol. With ASM, you own a unique AI "brain" represented as an NFT, complete with its own strengths, weaknesses, and potential for growth. Wild🔥...    So in 2023 FIFA cut ties with football gaming giants EA Sports and I am now wondering if it had anything to do with the new partnership with ASM cos I can easily see how that played out. ASM has also partnered with iconic brands like Muhammad Ali and ABG, showcasing the potential of AI in the gaming industry.  But ASM isn't the only player in the AI gaming space. Competitors like Alethea AI and SingularityNET are also exploring the potential of AI in gaming making it an interesting horse race. However, ASM's focus on NFT ownership, interoperability, and big partnerships is giving it a unique edge at the moment.    From what I understood, ASTO is going to be the lifeblood that fuels the ASM ecosystem. It will power various aspects like gameplay, training fees, and even NFT sales. Owning ASTO gives you a stake in this dynamic ecosystem and it will be listing on Bitget with each users able to grab up to 1,250 ASTO. I have to say AI gaming is evolving rapidly, and ASM is a frontrunner. So, keep an eye on this space, guys - the future is intelligent, and it's gonna be exciting!
    • I think we should brace ourselves for the Ethereum ecosystem bull run as the much-hyped Dencun upgrade, initially slated for earlier, is now making its grand entrance in March 2024. Analysts are buzzing with excitement, foreseeing Ethereum (ETH) and its ecosystem projects stepping into the spotlight as the main actors of the next bullish surge. If all goes according to plan, this upgrade could unleash the full potential of the Ethereum ecosystem.   https://consensys.io/ethereum-upgrade   Just a month ago, the Total Value Locked (TVL) in most Ethereum Layer 2 (L2) protocols skyrocketed to all-time highs, with Optimism, Arbitrum, and Metis leading the charge. Following this surge came a wave of gaming projects flocking to the chain, banking on Ethereum to revolutionize gaming experiences and slash those pesky transaction fees.   The ETH price action is sending vibes reminiscent of Bitcoin’s pre-ETF era. As we eagerly await the potential approval of an ETH spot ETF in May, the “Decun” upgrade emerges as another game-changer. Analysts draw parallels between the impact of this upgrade on ETH and the transformative “Fire-Dancer” upgrade on SOL (Solana). In anticipation of these game-changing events, we’re witnessing a flurry of activity, with more L2 and gaming projects sprouting up on the Ethereum chain. OKX is already test-driving a promising L2 chain dubbed X1, while Bitget contemplates building a blockchain to amplify the utility of its Ethereum-based token, BGB. Not to be left behind, Binance has seamlessly integrated Optimism into its smart chain with opBNB.   In just one whirlwind month, a plethora of Ethereum-based projects have burst onto the scene, boasting impressive price actions upon listing—think STRK, MAVIA, NADA, ASTO, and the list goes on.   With ETH soaring above $3k and the charts painting a picture-perfect bull trend (even the likes of OP and ARB notching up multiple all-time highs), it’s time to ask: What are your expectations? Do you believe in the staying power of these new projects, or are they just fleeting sparks in the crypto cosmos? Strap in, folks, because the ride is just getting started!
  • Create New...