.jpg)
The article covers the following topics:
Key points and highlights
- Main scenario: Once the correction is formed, consider short positions below 0.8875 with a downside target at 0.8325 – 0.8160. Sell signal: after the price returns below 0.8875. Stop loss: above 0.8900, Take profit: 0.8325 – 0.8160.
- Alternative scenario: Breakout and consolidation above 0.8875 will allow the pair to continue rising to 0.9045 – 0.9226 levels. Buy signal: after breaking 0.8875 level to the upside. Stop loss: below 0.8850, Take profit: 0.9045 – 0.9226.
Main scenario
We should consider selling positions below 0.8875 with a target of 8325 – 0.8160 after the correction is formed.
Alternative scenario
A breakout and stability above 0.8875 will allow the pair to continue rising to 0.9045 – 0.9226 levels.
analysis
A larger degree downward fifth wave (5) is assumed to be unfolding on the daily timeframe. As its parts, wave 1 of (5) are formed, the bullish correction is completed as the second wave 2 of (5) and the third wave 3 of (5) begin to appear. On the H4 timeframe, the correction has finished developing as the second wave of smaller degree ii of 3, and the third wave iii of 3 is forming. On the H1 timeframe, wave (iii) of iii appears to have formed, and a local correction is unfolding as wave (iv) of iii. Upon its completion, if the assumption is correct, US Dollar/Swiss Franc The pair will continue to fall to 0.8325 – 0.8160. The 0.8875 level is important in this scenario. A break of it will allow the pair to continue rising to the 0.9045 – 0.9226 levels.
USDCHF Real Time Price Chart
The content of this article reflects the opinion of the author 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 providing investment advice for the purposes of Directive 2004/39/EC.
