Elliott Wave View suggests that the USDCHF rally from the March 9 low takes place while the pulse structure of 5 waves. Up from the March 9 trough, the wave ((1)) ended at 0.9889 and the withdrawal of wave ((2)) is proposed as complete at 0.9497. Internal wave ((2)) unfolded as a flat structure. Wave (A) ended at 0.974, wave (B) rebounded to 0.99 and wave (C) of ((2)) ended at 0.9497.
The pair must still exceed the March 21 high (0.99) to avoid a double correction in the wave ((2)). Wave ((3)) is currently underway with 5 other waves where wave (1) of ((3)) ended at 0.9797. The interior of the wave (1) also unfolded as a pulse of 5 waves to a lesser degree. Instead of 0.9497, wave 1 of (1) ended at 0.9685 and the decline of wave 2 of (1) ended at 0.9593. The pair resumed higher in wave 3 of (1) towards 0.9796, and the decline in wave 4 of (1) ended at 0.974. Finally, wave 5 of (1) ended at 0.9797.
The withdrawal of wave (2) is in progress as a zigzag structure where wave A ended at 0.968. Expect the rebound of wave B to fail below 0.9797 and the pair drops to wave C of (2) to correct the cycle of the March 28 low in 3, 7 or 11 forward swings. the resumption of the rally.
USD / CHF 1 hour Elliott Wave Chart