The article covers the following subjects:
Major Takeaways
- Main scenario: Consider long positions from corrections above 0.8058 with a target of 0.8250–0.8400. A buy signal: the price holds above 0.8058. Stop Loss: below 0.8018, Take Profit: 0.8250–0.8400.
- Alternative scenario: Breakout and consolidation below 0.8058 will allow the asset to continue declining to the levels of 0.7900–0.7755. A sell signal: the level of 0.8058 is broken to the downside. Stop Loss: above 0.8098, Take Profit: 0.7900–0.7755.
Main Scenario
Consider long positions from corrections above 0.8058 with a target of 0.8250–0.8400.
Alternative Scenario
Breakout and consolidation below 0.8058 will allow the pair to continue declining to the levels of 0.7900–0.7755.
Analysis
On the weekly time frame, bearish wave 5 of larger degree is developing, with wave (5) of 5 forming as its part. On the daily chart, wave 3 of (5) has formed, and ascending correction 4 of (5) is underway. On the H4 time frame, wave c of 4 appears to be developing. Within it, wave (v) of c of lower degree is unfolding. If the presumption is correct, USD/CHF will continue to rise to the levels of 0.8250–0.8400. The level of 0.8058 is critical in this scenario. A breakout below it will allow the pair to continue falling to the levels of 0.7900–0.7755.
This forecast is based on the Elliott Wave Theory. When developing trading strategies, it is essential to consider fundamental factors, as the market situation can change at any time.
Price chart of USDCHF in real time mode
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