USD/CHF Elliott Wave: 20/09/2019 – 27/09/2019
LiteForex | Sep 20, 2019 08:34AM ET
The pair USD/CHF is still likely to fall. Estimated pivot point is at a level of 1.0022.
Main scenario: short positions will be relevant from corrections below the level of 1.0022 with a target of 0.9656 – 0.9556.
Alternative scenario: breakdown and consolidation above the level of 1.0022 will allow the pair to continue the rise up to the levels of 1.0121 – 1.0228.
Analysis: Supposedly, an ascending correction of senior level in the form of wave (2) finished developing on the daily time frame and wave (3) started forming. The first wave 1 of (3) is forming on the H4 time frame, with a local correction of junior level ii of 1 developed as a part of it. On the H1 time frame, apparently, wave (с) of ii has formed and wave iii of 1 is starting to develop at the moment. If the presumption is correct, the pair will continue to drop to the levels 0.9656 – 0.9556. The level of 1.0022 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels 1.0121 – 1.0228.
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