USDCHF: Elliott Wave Analysis and Forecast for 08.11.24 – 15.11.24

The article covers the following subjects:

Major Takeaways

  • Main scenario: Consider short positions from corrections below the level of 0.8907 with a target of 0.8200 – 0.8000. A sell signal: the price holds below 0.8907. Stop Loss: above 0.8950, Take Profit: 0.8200 – 0.8000.
  • Alternative scenario: Breakout and consolidation above the level of 0.8907 will allow the pair to continue rising to the levels of 0.9044 – 0.9222. A buy signal: once the level of 0.8907 is broken to the upside. Stop Loss: below 0.8870, Take Profit: 0.9044 – 0.9222.

Main Scenario

Consider short positions from corrections below the level of 0.8907 with a target of 0.8200 – 0.8000. 

Alternative Scenario

Breakout and consolidation above the level of 0.8907 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. The first wave i of 3 is formed on the H4 chart, and a local correction has presumably finished developing as the second wave ii of 3. Apparently, the third wave iii of 3 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 0.8907 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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