USDCHF: Elliott wave analysis and forecast for 02.08.24 – 09.08.24

The article covers the following subjects:

Highlights and key points

  • Main scenario: consider short positions from corrections below the level of 0.8875 with a bearish target of 0.8546 – 0.8325. A sell signal: after the level of 0.8875 is broken. Stop Loss: above 0.8900, Take Profit: 0.8546 – 0.8325.
  • Alternative scenario: breakout and consolidation above the level of 0.8875 will allow the pair to continue rising to the levels of 0.9045 – 0.9226. A buy signal: after the level of 0.8875 is broken to the upside. Stop Loss: below 0.8850, Take Profit: 0.9045 – 0.9226.

Main scenario

Consider short positions from corrections below the level of 0.8875 with a target of 0.8546 – 0.8325. 

Alternative scenario

Breakout and consolidation above the level of 0.8875 will allow the pair to continue rising to the levels of 0.9045 – 0.9226.

Analysis

A downside fifth wave of larger degree (5) is presumably unfolding on the daily time frame. As its parts, wave 1 of (5) is formed, a bullish correction is completed as the second wave 2 of (5), and the third wave 3 of (5) started unfolding. On the H4 time frame, a correction finished developing in the form of the second wave of smaller degree ii of 3, and the third wave iii of 3 is forming. Apparently, wave (i) of iii is formed, a local correction (ii) of iii is completed, and wave (iii) of iii is developing on the H1 chart. If the presumption is correct, the USDCHF pair will continue to drop to 0.8546 – 0.8325. The level of 0.8875 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 0.9045 – 0.9226.



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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This post is originally published on LITEFINANCE.

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