USDCHF: Elliott wave analysis and forecast for 16.09.2022 – 23.09.2022

Main scenario: consider short positions below the level of 0.9717 with a target of 0.9350 – 0.9076 after correction. 

Alternative scenario: breakout and consolidation above the level of 0.9717 will allow the pair to continue rising to the levels of 0.9860 – 1.0056.

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 and a correction completed as wave ii of 1 inside. Apparently, the third wave iii of 1 started developing on the H1 chart, with a local correction forming inside as wave of smaller degree (ii) of iii. If the presumption is correct, the pair will continue to fall to the levels 0.9350 – 0.9076 after correction ends. The level of 0.9717 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 0.9860 – 1.0056.

Price chart of USDCHF in real time mode

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