USD/CHF: Elliott wave analysis and forecast for 06/09/2019 – 13/09/2019

USD/CHF: Elliott wave analysis and forecast for 06/09/2019 – 13/09/2019

The USD/CHF pair is under correction, still likely to grow. Estimated pivot point is at a level of 0.9797.

Main scenario: long positions will be relevant from corrections above the level of  0.9797 with a target of 0.9975 – 1.0010.

Alternative scenario: breakout and consolidation below the level of  0.9797 will allow the pair to continue declining to the levels at 0.9656 – 0.9556.

Analysis: Supposedly, an ascending correction of senior level in the form of wave (2) finished developing on the daily time frame and wave (3) started forming. The first counter-trend wave 1 of (3) is forming as a wedge on the H4 time frame, with an ascending correction of junior level ii of 1 developing inside. Apparently, wave (c) of ii is forming on the H1 time frame, with wave v of (c) developing inside. If the presumption is correct, the pair will continue to rise to the levels  0.9975 – 1.0010 in the short term. The level  0.9797 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels of 0.9656 – 0.9556.

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