The article covers the following subjects:
Major Takeaways
- Main scenario: After the correction ends, consider short positions below the level of 0.9220 with a target of 0.8586 – 0.8386. A sell signal: the price holds below 0.9220. Stop Loss: above 0.9250, Take Profit: 0.8586 – 0.8386.
- Alternative scenario: Breakout and consolidation above the level of 0.9220 will allow the pair to continue rising to the levels of 0.9444 – 1.0000. A buy signal: the level of 0.9220 is broken to the upside. Stop Loss: below 0.9190, Take Profit: 0.9444 – 1.0000.
Main Scenario
Consider short positions below the level of 0.9220 with a target of 0.8586 – 0.8386 once the correction is completed.
Alternative Scenario
Breakout and consolidation above the level of 0.9220 will allow the pair to continue rising to the levels of 0.9444 – 1.0000.
Analysis
A bearish fifth wave of larger degree 5 is presumably developing on the weekly chart, with wave (5) of 5 forming as its part. The first wave of smaller degree 1 of (5) is formed and a correction finished developing as the second wave 2 of (5) on the daily chart. The third wave 3 of (5) is currently unfolding. Apparently, a local correction is coming to an end as wave ii of 3 on the H4 chart, with wave c of ii presumably completed as its part. If the presumption is correct, the USDCHF pair will continue to drop to 0.8586 – 0.8386. The level of 0.9220 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 0.9444 – 1.0000.
Price chart of USDCHF in real time mode
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteFinance. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.
{{value}} ( {{count}} {{title}} )
This post is originally published on LITEFINANCE.
