USDCHF: Elliott wave analysis and forecast for 19.08.22 – 26.08.22

Main scenario: consider short positions from corrections below the level of 1.0056 with a target of 0.9076 – 0.8918 once the correction is completed.

Alternative scenario: breakout and consolidation above the level of 1.0056 will allow the pair to continue rising to the levels of 1.0350 – 1.0600.

Analysis: the fifth wave of larger degree 5 of (V) presumably continues developing on the weekly chart, with wave (5) of 5 forming as its part. On the daily chart, the first wave of smaller degree 1 of (5) is developing, with wave i of 1 formed inside. Apparently, a local correction is forming as wave ii of 1 on the H4 chart. If this assumption is correct, the pair will continue to fall to the levels of 0.9076 – 0.8918 once the correction’s over. The level of 1.0056 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 1.0350 – 1.0600.



Price chart of USDCHF in real time mode

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteFinance. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

Rate this article:

{{value}} ( {{count}} {{title}} )

LEAVE A COMMENT

Your email address will not be published.