USDCHF Elliott Wave Analysis: Triangle consolidation looks complete at 0.9115

• USD/CHF eyes Wave e within the triangle terminates around 0.9110.
• A break above 0.9200 resistance will accelerate towards 0.9250 and above.
• The short-term wave structure remains bullish against 0.9020.

USD/CHF is trading around 0.9140 mark after terminating Wave e around 0.9120 level, of potential triangle consolidation marked on the 4H chart here.

The currency pair is now looking to break above 0.9200 resistance and push towards 0.9250 at least.

Looking at the lower degree wave counts presented here since 0.9020 lows, USD/CHF has terminated potential Wave 1 around 0.9240 level.

Further, Wave 2 has unfolded as a potential triangle labeled as a-b-c-d-e, with wave e terminating around 0.9120 levels.

If the above count is correct, USD/CHF will stay above 0.9020, and push above 0.9240 in the near term, as proposed Wave 3 begins to unfold.

Immediate resistance is seen at 0.9200 and a break there will push toward the 0.9240-50 zone. Also, note that triangle breakouts are very sharp and that 0.9250 will be reached with ease.

USD/CHF: Four-hour chart

Furthermore, Wave 2 termination has found support around the 61.8% Fibonacci retracement of Wave 1, as shown here.

The high probability remains for a bullish reversal towards 0.9250 and higher, as long as prices stay above the 0.9020 mark.

Alternate count

Alternatively, the currency might be unfolding an A-B-C rally above 0.9250, where potential Wave A has terminated around 09240.

Wave B unfolded into triangle consolidation and wave e terminated around the 0.9120 mark as discussed earlier.

If the alternate count is correct, Wave C rally is expected to push prices above the 0.9250 mark, going forward.

Technical levels