The short term Elliott Wave analysis for USD/CHF indicates that the pair has likely completed a downward move from the high on 5.1.2024 at 0.882, marking wave (1). Currently, a corrective rally as wave (2) is underway to correct the cycle from the aforementioned high. The internal subdivision of wave (2) is taking the form of a zigzag Elliott Wave structure.
Following wave (1), wave ((i)) concluded at 0.8853, with a dip in wave ((ii)) reaching 0.883. The pair then surged higher in wave ((iii)) to 0.8926, before experiencing a pullback in wave ((iv)) to 0.89. The final leg, wave ((v)), reached 0.8945, completing wave A at a higher degree.
Subsequently, the pair retraced from wave A, with wave ((a)) ending at 0.892 and a rally in wave ((b)) concluding at 0.8942. Wave ((c)) then dropped to 0.8912, completing wave B at a higher degree. The pair has since resumed its upward trajectory in wave C.
In the recent movements, wave ((i)) reached 0.895, with a pullback in wave ((ii)) halting at 0.8934. The pair then surged in wave (i) to 0.8983, followed by a pullback in wave (ii) to 0.8952. Subsequently, wave i climbed to 0.898, with a pullback in wave ii ending at 0.8956. Looking ahead, as long as the pivot at the 0.882 low remains intact, any pullback is expected to find support in 3, 7, or 11 swings before the pair extends its upward movement.
Overall, the USD/CHF 60 minutes Elliott Wave chart provides a visual representation of the pair’s recent movements.