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Main scenario: consider short positions from corrections below the level of 0.9235 with a target of 0.8325 – 0.8050.
Alternative scenario: breakout and consolidation above the level of 0.9235 will allow the pair to continue rising to the levels of 0.9451 – 0.9838.
Analysis: the bullish fifth wave of larger degree (5) is presumably unfolding on the daily time frame. As its part, wave 1 of (5) is formed, a bullish correction is completed as second wave 2 of (5), and the third wave 3 of (5) is unfolding. The first wave of smaller degree i of 3 is formed on the H4 chart, and a local correction finished developing as second wave ii of 3. Apparently, the third wave iii of 3 started developing on the H1 chart, with wave i of (i) of iii formed and local corrective wave (i) of iii completed as its parts. If the presumption is correct, the USDCHF pair will continue to drop to 0.8325 – 0.8050. The level of 0.9235 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 0.9451 – 0.9838.
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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