USD/CHF: Wave analysis and forecast for 05/10/2018 – 12/10/2018
The pair USD/CHF is still likely to grow. Estimated pivot point is at a level of 0.9831.
Main scenario: long positions will be relevant from corrections above the level of 0.9831 with a target of 0.9982 – 1.0068.
Alternative scenario: breakout and consolidation below the level of 0.9831 will allow the pair to continue declining to the levels at 0.9739 – 0.9691.
Analysis: The first wave of senior level 1 of (3) and the downward correction 2 of (3) have been formed on the daily time-frame. On H4 time-frame, an upward impetus is developing in the form of the first wave of junior level i of 3. Apparently, the wave (iii) of i is nearing completion on the H1 time frame. If this assumption is correct, the pair will continue to rise to 0.9982 – 1.0068 after the local correction (iv) of i has finished. The level 0.9831 is critical in this scenario.
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