FX.co ★ Elliott wave analysis of USD/CHF for July 12, 2023

It has been a while since we last looked at USD/CHF, but the larger picture is very interesting as USD/CHF is sitting right on the neckline support of a 12-year-long S/H/S top. A clear break below this neckline will call for a decline in USD/CHF towards the all-time low near 0.7100.

A break below the neckline support will likely also confirm some kind of global economic trouble as investors seek shelter in safe-haven assets. Normally, global economic troubles will be beneficial to the US dollar too, but maybe the real trouble this time springs from the US as the debt burden becomes overwhelming. Only time will tell. Meanwhile, keep an eye on the neckline support here at 0.8775.