USDCHF: Elliott wave analysis and forecast for 26.08.2022 – 02.09.2022

Main scenario: consider short positions from corrections below the level of 0.9887 with a target of 0.9076 – 0.8918 once the correction is completed.

Alternative scenario:breakout and consolidation above the level of 0.9887 will allow the pair to continue rising to the levels of 1.0056 – 1.0350.

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. On the H4 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 H1 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 0.9887 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 1.0056 – 1.0350.

Price chart of USDCHF in real time mode

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