USDCHF - BUY IDEA

Our current analysis of USDCHF on the 2-hour chart presents a compelling case for a long position using Elliott Wave theory. We've observed a clear impulse pattern followed by a corrective phase, which appears to be nearing completion.

Currently, the price action in USDCHF suggests that wave (4) is concluding around key Fibonacci retracement levels—specifically, 0.90984 (38.2%), 0.91152 (50%), and 0.91409 (61.8%). These levels are typical retracement points where wave (5) might initiate, driving the price upwards.

For traders looking to take advantage of this potential bullish momentum, considering entry around these levels could prove fruitful. Setting a stop-loss below the low of wave (4) at 0.90061 offers a protective measure against unforeseen reversals. The anticipated move in wave (5) could aim for new highs, surpassing the end of wave (3), potentially reaching towards the 0.92 mark or beyond.

This setup not only offers a favorable risk-reward ratio but also aligns with the larger bullish trend observed in previous sessions. As always, it's vital to monitor the trade closely and adapt to any changes in market behavior that may affect the predicted wave pattern.