{"id":3397,"date":"2024-07-03T23:42:32","date_gmt":"2024-07-03T23:42:32","guid":{"rendered":"https:\/\/alchemymarkets.com\/?post_type=market_insights&#038;p=3397"},"modified":"2025-05-15T06:34:27","modified_gmt":"2025-05-15T06:34:27","slug":"usdchf-meets-resistance-and-falters","status":"publish","type":"market_insights","link":"https:\/\/alchemymarkets.com\/it\/education\/market-insights\/elliott-wave\/usdchf-meets-resistance-and-falters\/","title":{"rendered":"USDCHF Elliott Wave: Meets Resistance and Falters"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Executive Summary<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>USDCHF greets resistance trend line formed from May 1<\/li>\n\n\n\n<li>Today\u2019s high could be the end of wave 2 and the start to wave 3<\/li>\n\n\n\n<li>The pattern is bearish to .8670 while holding below .9050<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">What Elliott Wave Pattern Has Been in Development?<\/h2>\n\n\n\n<p>On Wednesday, July 3, USDCHF created a daily range of 65 pips. Nothing extraordinary, per se, as there have been a couple of candles in the month of June with similar size or proportions to Wednesday\u2019s candle.<\/p>\n\n\n\n<p>What makes Wednesday\u2019s candle important is that it likely kicks off a bearish third wave, when analyzing USDCHF using Elliott Wave Theory.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXfQNhf_V0QL-WX9jrmE401iXzZjOFVnwTZI_qRs6PvxSmzWwajAsvZs0jPRlHnU0uYQ5-eMW9Pt77tix0KpIniIrd0_hzdzNdnrUqpACBJ0rL46c1vMceMoARrpVKRfk-4axW1o81EBF4Y506mfQ88gI28k?key=YdQ6UO5CSorz5zsGyvzY3g\" alt=\"\" \/><\/figure>\n\n\n\n<p>We can count a complete bearish impulse from May 1 to June 19 labeled ((i))-((ii))-((iii))-((iv))-((v)). Heading down into the low we can spot bullish RSI divergence. This is a common trait among the fifth wave of an impulse sequence. This impulse was then corrected by a brief rally carrying up to today\u2019s high.<\/p>\n\n\n\n<p>Notice how USDCHF rallied up to meet a downward sloping resistance trend line. This trend line suggests the trend is still pointed downward.<\/p>\n\n\n\n<p>As a result, today\u2019s decline may kick off a resumption of the old downtrend in a third wave.&nbsp;<\/p>\n\n\n\n<div class=\"quick-tip-section disclaimer\"><div class=\"tip__destination\"><\/div><span>ELLIOTT WAVE TIP:<\/span><span>\u00a0<\/span>The 3rd wave tends to be the longest and strongest of all waves in the Elliott wave sequence.<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">The Current Elliott Wave Count<\/h2>\n\n\n\n<figure class=\"wp-block-image is-resized\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXeSo_C4OP78vqhKgLyG6CVZHPVW7_-p3q2yJgNeK2HzgYOn8GeztCrkExSc110AqcQDzN_NR6Tel0x_jSUPON25F030qjl_TryXMGYoF-N5P7PtKpwxyL55AIWZWRaHpPEUcbnv6TNG16soUCxH35HhpL1G?key=YdQ6UO5CSorz5zsGyvzY3g\" alt=\"\" style=\"width:300px\" \/><\/figure>\n\n\n\n<p>Therefore, it appears today begins wave 3 of a larger 5-wave bearish impulse sequence.<\/p>\n\n\n\n<p>Based on the length of wave 1, we can establish estimates for wave 3 using the Fibonacci extension tool.&nbsp;<\/p>\n\n\n\n<p>Wave 3 oftentimes reaches the 1.000 or the 1.618 level. As a result, it is quite possible for this wave 3 to stretch down to .8670 and possibly .8442.<\/p>\n\n\n\n<p>Once wave 3 terminates, then a mild rally in wave 4 would be followed by another decline in wave 5.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Bottom Line<\/h2>\n\n\n\n<p>USDCHF appears poised to decline to .8670 and possibly .8442.<\/p>\n\n\n\n<p>If USDCHF rallies above .9050, then we will need to reconsider the wave count as the price would also be breaking above the downward sloping price channel.<\/p>\n\n\n\n<p><strong><em>You Might Also Be Interested In:<\/em><\/strong> <a href=\"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/eur-usd-bullish-turn-at-support\/\">EURUSD Bullish Turn at Support<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>USDCHF just greeted a resistance trend line to finalize a wave 2 rally. Wave 3 lower has likely begun.<\/p>\n","protected":false},"author":160,"featured_media":3398,"parent":0,"comment_status":"open","ping_status":"closed","template":"","market_insights_categories":[16],"class_list":["post-3397","market_insights","type-market_insights","status-publish","has-post-thumbnail","hentry","market_insights_categories-elliott-wave"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>USDCHF Elliott Wave: Meets Resistance and Falters - Alchemy Markets<\/title>\n<meta name=\"description\" content=\"Discover the current Elliott wave count for USDCHF including trend direction, key level, and potential target zones.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/alchemymarkets.com\/it\/education\/market-insights\/elliott-wave\/usdchf-meets-resistance-and-falters\/\" \/>\n<meta property=\"og:locale\" content=\"it_IT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"USDCHF Elliott Wave: Meets Resistance and Falters - 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