USDCHF: Elliott wave analysis and forecast for 17.12.21 – 24.12.21

Main scenario: consider long positions from corrections above the level of 0.9081 with a target of 0.9506 – 0.9680. 

Alternative scenario: breakout and consolidation below the level of 0.9081 will allow the pair to continue declining to the levels of 0.8924 – 0.8768.

Analysis: In the daily timeframe, the first descending wave of a larger degree (1) of 5 must have completed, and a correction continues developing as the second wave (2) of 5, with wave С of (2) unfolding inside. The third wave of smaller degree iii of C has formed, a correction has finished as the fourth wave iv of C, and the fifth wave v of C is developing in the H4 chart. Wave (i) of v must have completed in the hourly timeframe, and a local correction as wave (ii) of v, with sub-wave c of (ii) currently unfolding inside, is about to finish soon. If the presumption is correct, the pair will continue to rise to the levels of 0.9506 – 0.9680 after the correction. The level of 0.9081 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels of 0.8924 – 0.8768.



Price chart of USDCHF in real time mode

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