The current USDCHF structure hints at a cycle degree complex ‘three’ pattern. Following the completion of wave x down at 0.9612, the currency pair began its last primary degree ‘three’ pattern, consisting of waves Ⓐ-Ⓑ-Ⓒ.
At the time of writing, the first 5-wave impulse move in Ⓐ seems to be near its end as all the intermediate degree waves but wave (5) are completed.
The smaller degree downside move near 0.9794 suggests that minor wave 4 is fully completed. This scenario is indicative of further upside and could take prices near the 0.9849 area.
At that level, intermediate wave (5) will be at 78.6% of the intermediate wave (3) -i.e. the 78.6% Fibonacci extension.
When looking at the current structure, we are able to identify another high-probability formation. This pattern suggests that impulse wave Ⓐ is going to extend to higher levels as its formation contains one 5-wave impulse, not two, as seen in the first scenario.
With that in mind, the most recent low is the low of the intermediate wave (4).
If this pattern comes to fruition, then we could see the trend extending near the 0.9895 area.
The target would respect the tenancy of 5th waves reaching the 1.618 Fibonacci of 3rd waves -i.e. the 161.80% Fibonacci extension.
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