USD/CHF Wave Analysis/Forecast: 01/03/2019-02/22/2019
LiteForex | Feb 22, 2019 07:48AM ET
The pair USD/CHF is still likely to fall. Estimated pivot point is at a level of 1.0061.
Main scenario: short positions will be relevant from corrections below the level of 1.0061 with a target of 0.9929 – 0.9876.
Alternative scenario: Breakout and consolidation above the level of 1.0061 will allow the pair to continue rising to a level of 1.0146 and higher.
Analysis: The first wave of senior level 1 of (3) has been formed on the daily time-frame and the downward correction 2 of (3) has finished developing. Supposedly, the first counter-trend wave i of 1 of (3) of junior level finished forming as an impetus on the H4 time frame. Apparently, a descending correction is forming as wave ii of 1 of (3) on the H1 time frame. If this assumption is correct, the pair will continue dropping to 0.9929 – 0.9876 in the short term. The level 1.0061 is critical in this scenario.
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