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The article covers the following topics:
Key points and highlights
- Main scenario: Once the correction is formed, consider short positions below 0.8750 with a downside target at 0.8200 – 0.8000. Sell signal: after the price returns below 0.8750. Stop loss: above 0.8780, Take profit: 0.8200 – 0.8000.
- Alternative scenario: Breakout and consolidation above 0.8750 will allow the pair to continue rising to 0.9044 – 0.9226 levels. Buy signal: after breaking 0.8750 level to the upside. Stop loss: below 0.8720, Take profit: 0.9044 – 0.9226.
Main scenario
Consider short positions on corrections below 0.8750 with target 0.8200 – 0.8000.
Alternative scenario
A breakout and stability above 0.8750 will allow the pair to continue rising to 0.9044 – 0.9226 levels.
analysis
A larger downward fifth wave (5) is supposed to unfold on the daily timeframe. As its parts, wave 1 of (5) are formed, the upward correction is completed with the emergence of the second wave 2 of (5), and the third wave 3 of (5). On the H4 timeframe, the first wave i of 3 has developed with a smaller degree, and the correction has ended in the second wave ii of 3. Wave iii of 3 is currently developing. On the H1 timeframe, wave (iii) of iii is forming. If the assumption is correct, US Dollar/Swiss Franc The pair will continue to fall to 0.8200 – 0.8000. The 0.8750 level is a crucial level in this scenario. A break of it will allow the pair to continue rising to the 0.9044 – 0.9226 levels.
USDCHF Real Time Price Chart
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