The article covers the following subjects:
Major Takeaways
- Main scenario: Consider short positions from corrections below the level of 0.9032 with a target of 0.8386 – 0.8085. A sell signal: the 0.9032 level to the downside. Stop Loss: above 0.9080, Take Profit: 0.8386 – 0.8085.
- Alternative scenario: Breakout and consolidation above the level of 0.9032 will allow the pair to continue rising to the levels of 0.9195 – 0.9340. A buy signal: the level of 0.9032 is broken to the upside. Stop Loss: below 0.8980, Take Profit: 0.9195 – 0.9340.
Main Scenario
Consider short positions from corrections below the level of 0.9032 with a target of 0.8386 – 0.8085.
Alternative Scenario
Breakout and consolidation above the level of 0.9032 will allow the pair to continue rising to the levels of 0.9195 – 0.9340.
Analysis
The bearish fifth wave (5) of a larger degree is developing on the daily chart, with corrective wave 2 of (5) completed within it. Apparently, the third wave 3 of (5) has started forming on the H4 chart, and the first wave i of 3 of a smaller degree is developing. The wave (iii) of i continues to form on the H1 chart. If the presumption is correct, the USD/CHF pair will continue to fall to 0.8386 – 0.8085 after the correction is over. The level of 0.9200 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 0.9195 – 0.9340.
This forecast is based on the Elliott Wave Theory. When developing trading strategies, it is essential to consider fundamental factors, as the market situation can change at any time.
Price chart of USDCHF in real time mode
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