FX.co ★ Ambar Hassan | USD/CHF

Looking at the chart above within the chosen time frame, I can clearly see the potential for some further upside movement before we witness the formation of a corrective structure. I am focusing on the hourly chart right now, and I believe I am observing the development of a third wave in this sequence. I must emphasize, however, that this is my current interpretation, and I am always aware that market patterns can be deceptive; this is only valid if my wave count is indeed correct Today, I noticed that the price has returned below the opening level, and I observed that it did so with a significant amount of effort and momentum. I interpret this strong downward push as a potential confirmation for the formation of that third wave of the correction I have been anticipating. If my analysis holds true, I think the decline could very well extend to reach the 0.7690 level. I have to be honest, though, and admit that under the current market circumstances, it is difficult for me to be absolutely certain about any forecast

I am also looking at the moving averages for additional clues. I see that the junior moving average link is positioned in a way that suggests an open upside, but I find it significant that the price is currently trading below it. This divergence tells me that the immediate bullish momentum might be waning. At the same time, I note that this junior link itself remains above the senior line with a period of 320, which still indicates a longer-term bullish structure that I cannot ignore. In the additional window, I am watching the oscillators, and I see them starting to form a pattern that resembles a decline. I am considering that this could simply be a correction within a larger trend, but I am also open to the possibility that a more significant reversal could already be in the process of forming Weighing all these technical factors I have observed, I am leaning towards a specific short-term outlook. For now, I believe that the USDCHF pair is likely to experience a decline, and I am targeting a move down to the 0.7690 level as my primary expectation. I will continue to monitor the price action and these indicators closely to see if my thesis is validated.