USDCHF: Elliott wave analysis and forecast for 22.10.2021 – 29.10.2021

Main scenario: Consider short positions from corrections below the level of 0.9366 with a target of 0.8924 – 0.8766. 

Alternative scenario: breakout and consolidation above the level of 0.9366 will allow the pair to continue rising to the levels of 0.9506 – 0.9685.

Analysis: daily chart: apparently, the first wave of larger degree (1) of 5 is formed, a correction is completed as the second wave (2) of 5, and the third wave (3) of 5 has started developing, with wave 1 of (3) already formed inside. On the H4 chart, a local correction has developed as the second wave 2 of (3), with wave c of 2 formed inside. Apparently, the third wave 3 of (3) is developing on the H1 chart, with wave i of 3 forming inside. If the presumption is correct, the pair will continue to drop to the levels of 0.8924 – 0.8766. The level of 0.9366 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 0.9506 – 0.9685.

Price chart of USDCHF in real time mode

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