USDCHF: Elliott wave analysis and forecast for 02.09.22 – 09.09.22

Main scenario: consider short positions from corrections below the level of 1.0052 with a target of 0.9076 – 0.8918 once the correction is completed. 

Alternative scenario: breakout and consolidation above the level of 1.0052 will allow the pair to continue rising to the levels of 1.0230 – 1.0350.

Analysis: apparently, an ascending correction finished developing as the fourth wave of larger degree (4) on the daily chart, and the fifth wave (5) of 5 started forming. The first wave of smaller degree 1 of (5) is developing on the H4 chart, with wave i of 1 formed inside. Apparently, a local correction is coming to an end as wave ii of 1 on the H1 chart, with wave (c) of iii nearing completion as its part. If the presumption is correct, the pair will continue to fall to the levels 0.9076 – 0.8918 after wave (c) of iii is formed. The level of 1.0052 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 1.0230 – 1.0350.



Price chart of USDCHF in real time mode

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