USDCHF Bullish Triple Zigzag Nears Completion

[PocketOption]

USDCHF Bullish Triple Zigzag Nears Completion

The current USDCHF structure suggests that the cycle wave y is fully complete, followed by a cycle intervening wave x.

The intervening wave x has the form of a primary double zigzag Ⓦ-Ⓧ-Ⓨ. Currently, actionary wave z of the cycle degree is developing. The wave z most likely takes the form of a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ of the primary degree.

It is likely that in the upcoming trading weeks, the price will creep up in the primary sub-waves Ⓨ-Ⓧ-Ⓩ, as shown on the chart. Quotes can rise to 0.972. At that level, cycle waves z and y will be equal.

According to an alternative scenario, the cycle wave z is fully complete, taking the form of a primary double zigzag Ⓦ-Ⓧ-Ⓨ. In fact, its internal structure is much larger than in the first one.

The last primary wave Ⓨ has the form of an intermediate double zigzag and looks fully formed. Thus, in the near future, we can expect a market reversal and the beginning of a downward price movement in a new trend.

The first target, where bears can take a course, is the 0.909 low, marked by the primary intervening wave Ⓧ.

Time to put your research to the test! Open your Orbex account and start trading now! 

The post USDCHF Bullish Triple Zigzag Nears Completion appeared first on Orbex Forex Trading Blog.

Source: USDCHF Bullish Triple Zigzag Nears Completion