USDCHF: Elliott wave analysis and forecast for 28.06.24 – 05.07.24

Main scenario: after correction, consider short positions below the level of 0.9222 with a target of 0.8730 – 0.8325.

Alternative scenario: breakout and consolidation above the level of 0.9222 will allow the pair to continue rising to the levels of 0.9451 – 0.9838.

Analysis: the downside fifth wave of larger degree (5) is presumably unfolding on the daily time frame. As its part, wave 1 of (5) is formed, a bullish correction is completed as second wave 2 of (5), and the third wave 3 of (5) has started unfolding. The first wave of smaller degree i of 3 has formed on the H4 time frame, with wave (iii) of i completed as its part. Apparently, a local corrective wave ii of 3 is developing on the H1 time frame, within which wave (a) of ii is forming. If this assumption is correct, the USDCHF pair will continue to fall to 0.8730 – 0.8325 after the corrective wave ii of 3 finishes developing. The level of 0.9222 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 0.9451 – 0.9838.



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.

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