USDCHF has Potential for Further DownsideThe USDCHF currency pair exhibits a marked bearish trend over the long and medium terms. In the short term, a clear bearish price action has been observed since March 21, characterized by a series of lower highs and lower lows.
Analysis from the Elliott wave perspective suggests that the corrective wave 4 of the impulsive bearish move has been completed, and the pair has started moving downwards to complete wave 5. A reasonable price target of 0.8821 is anticipated if wave 5 is not truncated.
Classical analysis indicates that the price is currently trapped between a steep bearish trendline and a shallow bullish trendline. A support level established over the last 10 days is currently being upheld. It is anticipated that sellers will maintain their selling pressure, resulting in a break of the trendline to the downside. This notion is supported by the price's rejection at the 0.8953 level.
Considering both perspectives, my medium-term target for the USDCHF pair is estimated to be 0.8860 , while my ultimate target is 0.8821 .
