USDCHF: Corrective Pull-back Within Uptrend-Elliott Wave Forecast

USDCHF reversed lower yesterday from around 0.9750 which however is not a surprise if we respect the structure from 0.9242 which was clearly made in five waves, and we know that after every five waves correction follows. As such, we think that pull-back from the top is temporary, but we still need three wave retracement before we can turn bullish again. Ideally pair is now in wave 2 which will find a support somewhere in the area of a wave four of one lesser degree, near 38.2% Fibonacci zone.

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