U.S.Dollar/Swiss Franc (USDCHF) Forex Elliott Wave Technical Analysis

[tradinglounge]

USDCHF Elliott Wave Analysis Trading Lounge Day Chart,

U.S.Dollar/Swiss Franc (USDCHF) Day Chart

USDCHF Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: impulsive

STRUCTURE:orange wave 1

POSITION:navy blue wave 3

DIRECTION NEXT HIGHER  DEGREES: orange wave 2

DETAILS:orange wave 1 of navy blue wave 3 still is in play.

Wave Cancel invalid level: 0.91593

The USDCHF Elliott Wave Analysis on the daily chart provides a detailed view of the U.S. Dollar/Swiss Franc currency pair. The primary purpose of this analysis is to identify and follow the current trend, which is described as impulsive. This suggests that the market is experiencing strong, directional movements typical of impulsive waves in Elliott Wave theory.

 

The wave structure under observation is orange wave 1, which is part of a larger wave sequence. The current position is identified as navy blue wave 3. This indicates that the market is in the midst of a significant upward movement, with orange wave 1 of navy blue wave 3 still unfolding.

 

The direction for the next higher degrees points to orange wave 2. This means that after the completion of the current impulsive phase (orange wave 1), the market is expected to enter a corrective phase (orange wave 2). This phase will likely involve a temporary counter-trend movement, providing opportunities for traders to anticipate and react to price corrections.

 

The details of the analysis indicate that orange wave 1 of navy blue wave 3 is still in progress. This suggests that the current upward trend has not yet reached its peak and there is potential for further price increases. Traders should continue to monitor this wave as it develops.

 

The wave cancel invalid level is set at 0.91593. This level serves as a critical point; if the market price moves below this threshold, the current wave count would be invalidated, implying that the expected wave structure might not be accurate and a reassessment would be necessary.

 

In summary, the USDCHF daily chart analysis reveals that the market is in an impulsive phase with orange wave 1 of navy blue wave 3 still unfolding. The anticipated next phase is a corrective orange wave 2. Traders should watch for the continuation of the current upward trend while being mindful of the wave cancel invalid level at 0.91593, which would necessitate a reevaluation of the wave structure. This analysis helps in forecasting market movements and making strategic trading decisions based on the principles of Elliott Wave theory.

 

 

USDCHF Elliott Wave Analysis Trading Lounge 4 Hour Chart,

U.S.Dollar/Swiss Franc (USDCHF)4 Hour Chart

USDCHF Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: corrective

STRUCTURE:gray wave 4

POSITION:orange wave 1

DIRECTION NEXT LOWER  DEGREES: gray wave 5

DETAILS:gray wave 3 of 1 looking completed, now gray wave 4 is in play.

Wave Cancel invalid level: 0.91593

 

The USDCHF Elliott Wave Analysis on the 4-hour chart provides insights into the current trend and potential future movements of the U.S. Dollar/Swiss Franc currency pair. The primary function of this analysis is to identify and follow the prevailing trend within the currency pair. In this case, the trend mode is described as corrective, suggesting that the market is currently undergoing a correction within the broader trend.

 

The structure being analyzed is gray wave 4. This wave is part of a larger pattern, with the current position identified as orange wave 1. This indicates that the market has recently completed a smaller wave (gray wave 3 of 1) and is now progressing through gray wave 4, which is a corrective phase within the larger wave structure.

 

The direction of the next lower degrees points to gray wave 5, implying that once the current corrective phase (gray wave 4) concludes, the market is expected to enter the final impulsive phase of this wave sequence (gray wave 5). This future movement is crucial for traders aiming to capture potential upward or downward swings in the market.

 

The details provided in the analysis indicate that gray wave 3 of 1 appears to be completed, meaning the impulsive movement has reached its peak and the market is now in a corrective phase (gray wave 4). The corrective phase involves price movements that counter the previous trend, typically characterized by lower volatility and smaller price changes.

 

The wave cancel invalid level is set at 0.91593. This level serves as a critical threshold; if the market price moves below this point, the current wave count would be invalidated, suggesting a different wave structure is forming.

 

In summary, the USDCHF is currently in a corrective phase (gray wave 4) after completing an impulsive movement (gray wave 3 of 1). Traders should watch for the completion of this corrective wave and the start of gray wave 5, while keeping an eye on the wave cancel invalid level of 0.91593 to reassess the wave count if necessary. This analysis helps in predicting market behavior and making informed trading decisions based on Elliott Wave principles.

 

Technical Analyst : Malik Awais

Source : Tradinglounge.com get trial here!