USDCHF: Elliott wave analysis and forecast for 01.11.24 – 08.11.24

The article covers the following subjects:

Highlights and key points

  • Main scenario: consider short positions from corrections below the level of 0.8700 with a target of 0.8200 – 0.8000. A sell signal: if the price holds below 0.8700. Stop Loss: above 0.8750, Take Profit: 0.8200 – 0.8000.
  • Alternative scenario: breakout and consolidation above the level of 0.8700 will allow the pair to continue rising to the levels of 0.9044 – 0.9222. A buy signal: once the level of 0.8700 is broken to the upside. Stop Loss: below 0.8650, Take Profit: 0.9044 – 0.9222.

Main scenario

Consider short positions from corrections below the level of 0.8700 with a target of 0.8200 – 0.8000. 

Alternative scenario

Breakout and consolidation above the level of 0.8700 will allow the pair to continue rising to the levels of 0.9044 – 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. On the H4 time frame, the third wave iii of 3 is formed, and a local correction has presumably developed as the fourth wave iv of 3. Apparently, the fifth wave v of 3 has started developing on the H1 time frame. If this assumption is correct, the USDCHF pair will continue to fall to 0.8200 – 0.8000. The level of 0.8700 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 0.9044 – 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.

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