USD/CHF: Elliott Wave Analysis and Forecast for 06.12.24 – 13.12.24

The article covers the following subjects:

Major Takeaways

  • Main scenario: Consider short positions from corrections below the level of 0.8890 with a target of 0.8586 – 0.8386. A sell signal: the price holds below 0.8890. Stop Loss: above 0.8920, Take Profit: 0.8586 – 0.8386.
  • Alternative scenario: Breakout and consolidation above the level of 0.8890 will allow the pair to continue rising to the levels of 0.9024 – 0.9222. A buy signal: the level of 0.8890 is broken to the upside. Stop Loss: below 0.8860, Take Profit: 0.9024 – 0.9222.

Main Scenario

Consider short positions from corrections below the level of 0.8890 with a target of 0.8586 – 0.8386.

Alternative Scenario

Breakout and consolidation above the level of 0.8890 will allow the pair to continue rising to the levels of 0.9024 – 0.9222.

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) continues unfolding. The first wave i of 3 is formed on the H4 chart, and a local correction finished developing as the second wave ii of 3. Apparently, the third wave iii of 3 is unfolding on the H1 time frame, with the first counter-trend wave of smaller degree i of (i) of iii forming inside. If the presumption is correct, the USD/CHF pair will continue to drop to 0.8586 – 0.8386. The level of 0.8890 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 0.9024 – 0.9222.



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.

Rate this article:

{{value}} ( {{count}} {{title}} )

This post is originally published on LITEFINANCE.

  • Related Posts

    Gold Becomes Second-Largest Global Reserve Asset. Forecast as of 12.06.2025

    Risk Warning: Trading on financial markets carries risks. Contracts for Difference (‘CFDs’) are complex financial products that are traded on margin. Trading CFDs carries a high level of risk since…

    Short-Term Analysis for Oil, Gold, and EURUSD for 12.06.2025

    I welcome my fellow traders! I have made a price forecast for USCrude, XAUUSD, and EURUSD using a combination of margin zones methodology and technical analysis. Based on the market analysis,…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Why Sometimes News Doesn’t Move the Market?

    • June 12, 2025
    Why Sometimes News Doesn’t Move the Market?

    These Names May Soon Be Reserved for Regulated Firms in Hong Kong

    • June 12, 2025
    These Names May Soon Be Reserved for Regulated Firms in Hong Kong

    What Is Overleveraging in Forex and How to Avoid It?

    • June 12, 2025
    What Is Overleveraging in Forex and How to Avoid It?

    MetaQuotes’ MT5 Update Lands Weeks After China Connectivity Woes

    • June 12, 2025
    MetaQuotes’ MT5 Update Lands Weeks After China Connectivity Woes