By Orbex
The structure of the USDCHF pair suggests that the cycle wave y has ended. This was followed by the cycle intervening wave x.
The intervening wave x takes the form of a primary double zigzag Ⓦ-Ⓧ-Ⓨ. Currently, there is a decrease in the price in the final wave Ⓨ. This takes the form of an intermediate double (W)-(X)-(Y) zigzag.
In the near future, the price could continue to move in the intermediate wave (Y) to the level of 0.913. At that level, wave x will be at 61.8% of wave y.
After the end of wave x, bulls can enter the market by starting to build the actionary wave z.
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According to an alternative scenario, the formation of the cycle intervening wave x is fully complete. Now we are seeing a price increase and the development of a cycle wave z. Perhaps it takes the form of a primary double Ⓐ-Ⓑ-Ⓒ zigzag.
Wave Ⓐ will take the form of a simple impulse and will end at the level of 0.946. This is where the actionary cycle wave y ended.
Then, after a slight correction, prices are likely to move higher in the impulse wave Ⓒ.
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Article by Orbex
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