USDCHF: Elliott wave analysis and forecast for 19.11.2021 – 26.11.2021

Main scenario: consider long positions from corrections above the level of 0.9098 with a target of 0.9432 – 0.9506. 

Alternative scenario: breakout and consolidation below the level of 0.9098 will allow the pair to continue declining to the levels of 0.9016 – 0.8924.

Analysis: a descending first wave of larger degree (1) of 5 is presumably formed on the daily chart. A correction continues developing as the second wave (2) of 5, with waves A of (2) and В of (2) formed and wave С of (2) forming inside. The third wave of smaller degree iii of C is formed, and a local correction has finished developing as the fourth wave iv of C on the H4 chart. The fifth wave v of C has presumably started forming on the H1 chart, with wave (i) of v completed as part of it. If the presumption is correct, the pair will continue to rise to the levels of 0.9432 – 0.9506 once correction (ii) of v is completed. The level of 0.9098 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels of 0.9016 – 0.8924.

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 LiteForex. 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.

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