Our latest analysis on the USDCHF suggests that the market may be ripe for a short opportunity. Observing the Elliott Wave pattern, it appears that the currency pair has completed an upward Wave (5) and is now potentially embarking on a corrective ABC pattern.
Currently, the price action has initiated what seems to be Wave (a) of this corrective phase. I'm targeting the Fibonacci retracement levels for possible entries and exits on this expected downturn. Specifically, the 0.618 Fibonacci level at 0.89634 and the deeper 1.618 level at 0.87447 present viable targets for Wave (c).
Given these observations, entering a short position now could offer a strategic opportunity to capitalize on the anticipated retracement. To manage risks effectively, consider placing a stop-loss slightly above the recent high marked by the end of Wave (5).
Monitor closely and trade wisely as we track this developing pattern!
Currently, the price action has initiated what seems to be Wave (a) of this corrective phase. I'm targeting the Fibonacci retracement levels for possible entries and exits on this expected downturn. Specifically, the 0.618 Fibonacci level at 0.89634 and the deeper 1.618 level at 0.87447 present viable targets for Wave (c).
Given these observations, entering a short position now could offer a strategic opportunity to capitalize on the anticipated retracement. To manage risks effectively, consider placing a stop-loss slightly above the recent high marked by the end of Wave (5).
Monitor closely and trade wisely as we track this developing pattern!
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