USDCHF has turned nicely to the downside
since Friday, clearly in impulsive manner. Notice that market also retraced
back to the area of wave B swing low after a broken support line of an upward
channel. That's a very strong and important evidence for a trend change, thus
it suggests that top has been formed at 0.8951 and that market will continue to
the downside after any short-term corrective bounce. Ideally we will see a wave
2 retracement back to 0.8870/90 where broken support line may not become a resistance.
USDCHF 4h Elliott Wave Analysis
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