USDCHF Is Consolidating Before Further Weakness: Elliott Wave Intraday Analysis
USDCHF is coming down from around 0.92 quite strongly, possibly trading in a new bearish impulse as price drops out of a base channel suggesting we are in the middle of black wave three as shown on 4h TF. There is room for 0.87 in the next few days while price is below 0.8969.
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On the intraday basis USDCHF can be still trading in a bearish abcde running triangle pattern in wave »iv« that can take some time, before we may see further weakness within wave »v« of 3. Alternatively, be also aware of bigger and complex correction in wave »iv« before wave »v« occurs.
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