USD/CHF: Wave analysis and forecast for 10/05/19 – 17/05/19

USD/CHF: Wave analysis and forecast for 10/05/19 – 17/05/19

The pair USD/CHF is still likely to grow. Estimated pivot point is at a level of 1.0072.

Main scenario: long positions will be relevant from corrections above the level of 1.0072 with a target of 1.0400 – 1.0467.

Alternative scenario:breakout and consolidation below the level of 1.0072 will allow the pair to continue declining to the levels of 0.9894 – 0.9712.

Analysis: Supposedly, the third wave of senior level 3 of (3) continues to form on the daily time frame. A local correction has been complete as wave ii of 3 of (3) and the third wave  iii of 3 of (3) is developing on the 4-hour time frame.  Apparently, the first wave of junior level (i) of iii is complete and the local correction (ii) of iii is developing on the 1-hour time frame. If the presumption is correct, the pair will continue to rise to the levels 1.0400 – 1.0467. The level 1.0072 is critical in this scenario.

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