USDCHF Can Be Finishing A Big Bullish Triangle

Hello traders! Today we will talk about USDCHF in which we see an interesting wave structure.

USDCHF is trading in a big sideways range since 2015 and more and more looks like a big bullish triangle formation in wave (B) that can be approaching the end soon, ideally this year in 2020. We see it actually in the final stages of subwave E of (B), which is clearly falling in a corrective structure with three waves a-b-c, so if that's the case, then downside should be limited.
Well, if USDCHF finds the support and bounces in an impulsive manner here around the corrective channel support line and lower red triangle line, then we can start considering bullish scenarios, but keep in mind that only an impulsive rally back to 1.00 – 1.02 levels and decisive break above the triangle line can be a confirmation for a completed bullish triangle that can send the price even much much higher towards 1.10 – 1.15 area.

Be humble and trade smart.

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Commentaire:

USDCHF is waking up nicely after hitting lower triangle line, so seems like it's turning bullish again, but it's still too early to confirm a completed correction.