USD/CHF Pushing Price Higher; Intraday Correction May Be In The Cards

USD/CHF has turned sharply to the downside ahead of the US elections, and found a bottom at 0.9550 last week after only a three wave decline down from 1.0000 psychological level. Notice that market turned up sharply from that area as expected which we see it as impulsive reaction now that belongs to a new bullish leg; wave V based on a completed complex correction visible on higher time-frame charts.

However, in the next few days traders should be aware of a three wave set-back as wave 4), ideally back to that broken upper red trendline that may become a very good support at 0.9997-1.0000 area.

USD/CHF, 4H

USD/CHF 4 Hour Chart

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