Jump to content

U.S.Dollar/Swiss Franc (USD/CHF) Day Chart Elliott Wave Technical Analysis 24 August 23

Recommended Posts

USD/CHF Elliott Wave Analysis Trading Lounge Day Chart, 24 August 23

U.S.Dollar/Swiss Franc (USD/CHF) Day Chart

USD/CHF Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Flat

Position: New Black Wave 1

Direction Next higher Degrees: wave (3 of 1)  

Details: Blue corrective wave 2 likely end between 50.00 to 61.80 . Wave Cancel invalid level: 0.85542

The USD/CHF Elliott Wave Analysis for August 24, 2023, delves into the day chart of the U.S. Dollar/Swiss Franc currency pair, providing traders with a comprehensive understanding of counter-trend trading within the context of corrective wave patterns.

The analysis is centered around the concept of counter-trend trading, a strategy that involves capitalizing on price movements that run contrary to the prevailing trend. This is particularly relevant in the context of corrective patterns, which are temporary price consolidations that occur within the larger trend. In this case, a flat correction structure is examined, offering traders insights into potential short-term price reversals.

The focal point of the analysis is the development of the blue corrective wave 2. The analysis indicates that this corrective wave is likely to conclude within a fib level range of 50.00 to 61.80. These Fibonacci retracement levels play a pivotal role in technical analysis, helping traders identify potential support and resistance levels for price reversals. By targeting these levels, traders can make informed decisions about entry, exit, and profit-taking points.

A critical element discussed in the analysis is the concept of the Wave Cancel invalid level. This level serves as a crucial marker for traders to adjust their trading strategies in response to unexpected price movements that could invalidate the projected wave pattern. Effective risk management practices, including adjusting positions based on invalidation levels, are crucial for minimizing potential losses.

The analysis extends its outlook to the next higher degree, indicating that the emergence of the new Black Wave 1 is expected to pave the way for wave (3 of 1). Understanding the hierarchical structure of waves and their degrees is essential for traders to anticipate potential price movements and trends accurately.

To conclude, the USD/CHF Elliott Wave Analysis for August 24, 2023, offers traders a comprehensive exploration of counter-trend trading within a corrective wave structure. By recognizing the intricacies of corrective patterns, fib levels, and Wave Cancel invalid levels, traders can make informed decisions that align with their trading goals. Nonetheless, it is advised for traders to complement this analysis with additional market research, fundamental analysis, and prudent risk management practices to develop a well-rounded trading strategy.


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

    • In the wake of a brewing conflict between the Nigerian government and Binance, cryptocurrency enthusiasts find themselves on edge, uncertain about the future of their digital investments. Rumors abound that Binance, along with other platforms, might be exacerbating the Naira's devaluation against the dollar, prompting the government to take a hard stance against the exchange. Despite longstanding allegations of wrongdoing, recent events have propelled the government to escalate its actions. The situation has escalated dramatically, with Binance's P2P platform disabled and a staggering $10 billion fine imposed for alleged illegal activities. This punitive measure, coupled with last year's $4.3 billion fine by the SEC, underscores the gravity of the situation. However, skepticism lingers regarding the astronomical sum demanded by the Nigerian government. While Binance has faced regulatory challenges in other jurisdictions, its resilience and market dominance have largely endured. Yet, the potential ramifications of losing access to a key crypto market like Nigeria cannot be ignored. Complicating matters further, the Nigerian House of Representatives has summoned Binance CEO Richard Teng, issuing a seven-day ultimatum for him to address allegations of terrorist financing and money laundering, among other charges. This development casts a shadow over the future prospects of Binance in the country. Amidst the uncertainty surrounding Binance's operations in Nigeria, users are scrambling to identify alternative platforms. While other centralized exchanges (CEX) remain operational within the country, the pressing question remains: which platform will emerge as the most dependable alternative should the situation worsen? https://punchng.com/reps-summon-binance-boss-over-alleged-terrorism-financing/
    • 2024 has been a good year for crypto traders with signs of a bullish market prevailing. For the first time in 3 years, we are witnessing BTC set a new ATH repeatedly. If you endured the prolonged bear market of the previous years, you deserve these gigantic green candles! In addition to BTC's incredible run, several alts have broken out nicely; Ai, memecoin, GameFi projects and so on have spiked. Most notably in the month of February is the run of CEX tokens. According to Foresight News, centralized exchange tokens boast of a widespread price spike in February, based on data from ICO Analytics. Standing tall amongst many is BGB with 62% increase, while ASD, BNB, and KCS witnessed gains of 45%, 33%, and 22% respectively. As a BGB holder myself who’s been holding since June 2023 at an average price of $0.45, it’s been an incredible journey. I’ve witnessed it smash its ATH over again, the latest coming in February when BGB set a new ATH of $1.15. Aside the juicy ROI, BGB usecases have been a flex for me, granting me access to exclusive events, like Launchpads where I’ve also managed mouth-watering gains from my participations. BNB had a remarkable run in the last bull cycle, sadly I missed out having sold mine for peanuts. If you said I’m stoked to right my wrong with BGB this time, you wouldn’t be far from the truth!  Which CEX token(s) are you keenly observing?
    • Look at the transaction log to see why, Most of the time it's because your stop loss is set too close. 
  • Create New...