USD/CHF: Technicals For 06/29/2018
Mayzus | Jun 29, 2018 11:09AM ET
Ascending trend for the pair USD/CHF continues. Estimated pivot point is at a level of 0.9853.
Main scenario: long positions will be relevant from corrections above the level of 0.9853 with a target of 1.0057 – 1.0190.
Alternative scenario: breakout and consolidation below the level of 0.9853 will allow the pair to continue declining to the levels at 0.9745 – 0.9668.
Analysis: Supposedly, an ascending impetus continues to form as the first wave of senior level 1 of (3) within the daily time frame. A downward correction in the form of wave iv of 1 has finished in the 4-hour time frame and the wave v of 1 has started forming. Apparently, a downward correction in the form of the wave (ii) of v has finished in the 1-hour time frame, and the third wave (iii) of v is developing at the moment. If the presumption is correct, the pair will continue to rise to levels 1.0057 – 1.0190. The level 0.9853 is critical in this scenario.
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