USDCHF: Elliott wave analysis and forecast for 05.11.2021 – 12.11.2021

Main scenario: consider short positions from corrections below the level of 0.9225 with a target of 0.8924 – 0.8860. 

Alternative scenario: breakout and consolidation above the level of 0.9225 will allow the pair to continue rising to the levels of 0.9368 – 0.9506.

Analysis: A descending first wave of larger degree (1) of 5 is presumably formed on the daily chart, and a correction continues developing as the second wave (2) of 5, with wave B of (2) forming inside. An ascending correction is completed as wave b of B on the H4 chart, and wave v of C is currently forming. The third wave of smaller degree (iii) of c appears to be developing on the H1 chart, with a corrective wave iv of (iii) forming inside. If the presumption is correct, the pair will continue to drop to the levels of 0.8924 – 0.8860. The level of 0.9225 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 0.9368 – 0.9506.

Price chart of USDCHF in real time mode

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