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USD/CHF: Wave analysis and forecast for 04/01/2019 – 11/01/2019

USD/CHF: Wave analysis and forecast for 04/01/2019 – 11/01/2019

The pair USD/CHF is still likely to fall. Estimated pivot point is at a level of 0.9988.

Main scenario: short positions will be relevant from corrections below the level of 0.9988 with a target of 0.9724 – 0.9618.

Alternative scenario: breakout and consolidation above the level of 0.9988 will allow the pair to continue rising to a level of 1.0122.

Analysis: The first wave of senior level 1 of (3) has been formed on the daily time-frame and the downward correction 2 of (3) is developing now. On H4 timeframe, presumably the local ascending correction of junior level B of (2) has finished in the form of a zigzag and the wave С of (2) has started developing. Apparently, the third wave iii of C continues developing on H1 time frame, with the wave (iii) of iii forming inside. If the presumption is correct, the pair will continue to drop to the levels 0.9724 – 0.9618. The level 0.9988 is critical in this scenario.

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