By Orbex
The current structure 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 is likely to take the form of a triple combination (W)-(X)-(Y)-(X)-(Z). It is possible that the actionary waves (W) and (Y) and the intervening waves (X) and (X) have already ended.
We can expect the end of wave y near 0.947. At that level, the primary wave Ⓨ will be at 161.8% of wave Ⓦ.
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Let’s consider an alternative scenario, according to which 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 assume that in the upcoming trading weeks, the market will move in a downward direction within the intermediate impulse, or rather in the intermediate wave (3). This is indicated on the chart below the minimum of 0.901 and it was marked by the primary intervening wave Ⓧ.
Article by Orbex
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