05 Aug

USDCHF Primary Impulse Complete Near 0.873

August 5, 2021

By Orbex

The USDCHF pair seems to be forming a large cycle triple zigzag, with the final wave z currently under development.

The internal structure of the wave z suggests a simple Ⓐ-Ⓑ-Ⓒ zigzag. The impulse Ⓐ and the correction Ⓑ in the form of a double zigzag have already ended. In the near future, the development of the primary impulse wave Ⓒ is likely. This consists of intermediate waves (1)-(2)-(3)-(4)-(5), as shown in the chart.

There is a high probability that the primary wave Ⓒ will complete its pattern near the level of 0.873, at which it will be equal to impulse Ⓐ.

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Alternatively, the market could continue moving upwards within the bullish correction. This correction takes the form of a simple (A)-(B)-(C) zigzag of the intermediate degree.

It is possible that the impulse (A) and the zigzag correction (B) have ended.

It is likely that in the next coming trading days the price will rise within the ascending impulse wave (C) near 0.947. At that level, impulse waves (A) and (C) will be equal.

By Orbex


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