USDCHF - SELL IDEA

For the USDCHF pair, my 45-minute chart analysis using the Elliott Wave Theory suggests a potential SHORT opportunity. We can see a complete corrective structure post an impulsive move up, labeled as waves (a), (b), and (c). With wave (c) underway, there's an indication that the market might continue to move lower.

As per Elliott Wave guidelines, after completing an impulsive wave labeled as (1) through (5), a corrective phase typically follows. The chart demonstrates this behavior with a sharp initial decline in wave (a), followed by a complex correction for wave (b), and now a seemingly impulsive start to wave (c). Based on this analysis, my outlook is bearish, and I believe we could see further declines towards the completion of wave (c), ideally targeting the previous low at 0.90923 or even extending further.

Trading based on Elliott Wave requires confirmation, so I'll be watching closely for additional bearish momentum and structure that validates this wave count. Proper risk management is crucial, especially since wave counts can evolve with new market information. Hence, setting a stop-loss above the recent swing high of wave (b) may be a prudent approach to manage risk while taking a SHORT position on USDCHF.

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