Elliott wave analysis of USD/CHF for October 8, 2021

USD/CHF is in the midst of a super complex corrective rally from the 2011 low at 0.7070. We saw an (A)-(B)-(C) correction from the 2011 low to the December 2016 high at 1.0344, which was followed by a new corrective decline in wave (X) to 0.8758 in January 2021 and we are looking for the next complex (A)-(B)-(C) correction higher to above 2016 high at 1.0344. The odds for our best scenario was close to 100% because the possible number of option remains almost infinite, but this remains our preferred count for now and look for a break above the resistance-line near 0.9368 for more upside pressure towards 1.0344 and above. The material has been provided by InstaForex Company - www.instaforex.com

Elliott wave analysis of USD/CHF for October 8, 2021

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USD/CHF is in the midst of a super complex corrective rally from the 2011 low at 0.7070. We saw an (A)-(B)-(C) correction from the 2011 low to the December 2016 high at 1.0344, which was followed by a new corrective decline in wave (X) to 0.8758 in January 2021 and we are looking for the next complex (A)-(B)-(C) correction higher to above 2016 high at 1.0344.

The odds for our best scenario was close to 100% because the possible number of option remains almost infinite, but this remains our preferred count for now and look for a break above the resistance-line near 0.9368 for more upside pressure towards 1.0344 and above.

The material has been provided by InstaForex Company - www.instaforex.com