USD/CHF: Elliott Wave Analysis And Forecast For 14/02/2020 – 21/02/2020
LiteForex | Feb 14, 2020 05:54AM ET
The pair USD/CHF remains likely to fall. Estimated pivot point is at a level of 0.9868.
Main scenario: short positions will be relevant below the level of 0.9868 with a target of 0.9550 – 0.9500.
Alternative scenario:breakout and consolidation above the level of 0.9868 will allow the pair to continue the rise up to the levels of 1.0022 – 1.0145.
Analysis: On the daily time frame, supposedly, an ascending correction of senior level has finished developing in the form of wave (2) and wave (3) has started forming. The first wave of junior level i of 3 of (3) is developing on the H4 time frame, with a correction nearing completion in the form of wave (iv) of i inside. Apparently, the wave c of (iv) is nearing completion on the H1 time frame. If the presumption is correct, the pair may be expected to fall to the levels of 0.9550 – 0.9500. The level of 0.9868 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 1.0022 – 1.0145.
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