Analyzing USD/CHF on the 2-hour chart using Elliott Wave Theory, I observed that wave (2) marked the end of the recent downward correction. Following this, I am expecting wave (3) to initiate an upward move. The potential targets for wave (3) are:
- 0.91639, which aligns with the length of wave (1)
- 0.91871, corresponding to the 1.618 extension of wave (1)
Additionally, wave (4) could retrace to:
- 0.91463, which corresponds to the 0.618 retracement level of wave (3)
This setup suggests a long position on USD/CHF, targeting these levels as potential take-profit points.
- 0.91639, which aligns with the length of wave (1)
- 0.91871, corresponding to the 1.618 extension of wave (1)
Additionally, wave (4) could retrace to:
- 0.91463, which corresponds to the 0.618 retracement level of wave (3)
This setup suggests a long position on USD/CHF, targeting these levels as potential take-profit points.
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