USDCHF Zigzag Wave Y To Complete Near 0.944

September 23, 2021

By Orbex

The formation of the USDCHF pair suggests the development of a cycle wave y, which hints at a double zigzag Ⓦ-Ⓧ-Ⓨ of the primary degree. Let’s pay attention to the last primary wave Ⓨ, which is under development.

Wave Ⓨ has a complex internal structure and will most likely take the form of a triple combination (W)-(X)-(Y)-(X)-(Z). Actionary waves (W) and (Y) and the intervening wave (X) could have already ended. Therefore, the development of intermediate waves (X) and (Z) is possible in the future.

The end of wave y will be near 0.944. At that level, the primary wave Ⓨ will be at 123.6% of wave Ⓦ.


Free Reports:

Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.





Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter





According to an alternative scenario, the formation of the cycle wave y has come to an end. It took the form of a primary double zigzag.

If this assumption is correct, then at the moment we are in the initial part of a new bearish wave.

We can expect that in the upcoming trading weeks the market will move in a downward direction within the intermediate impulse, as shown on the chart below the low of 0.901. This was marked by the primary intervening wave Ⓧ.

With the strengthening of the bears, the market could decline faster than usual.


Article by Orbex

Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com

InvestMacro

Share
Published by
InvestMacro

Recent Posts

High interest rates aren’t going away anytime soon – a business economist explains why

By Christopher Decker, University of Nebraska Omaha  The Federal Reserve held interest rates steady at…

18 hours ago

US Fed tilts towards a rate cut despite the postponement. HKMA left the rate unchanged at 5.75%

By JustMarkets At Tuesday's close, the Dow Jones Index (US30) added 0.23%, while the S&P 500 Index (US500) was…

18 hours ago

Brent crude oil hits seven-week low

By RoboForex Analytical Department Brent crude oil prices have dropped to $83.95 per barrel on…

19 hours ago

Target Thursdays: USDJPY, Copper & EURCAD

By ForexTime USDJPY sees over 700-pip swing  Copper selloff rewards bears EURCAD hits all bearish targets…

19 hours ago

Cybersecurity researchers spotlight a new ransomware threat – be careful where you upload files

By Selcuk Uluagac, Florida International University  You probably know better than to click on links…

2 days ago

This website uses cookies.