USD/СHF: Wave analysis and forecast for 30.08.19 – 06.09.19
USD/CHF is going through correction; the probability of growth remains. Estimated pivot point is at the level of 0.9797.
Main scenario: “long positions” are relevant from corrections above the level of 0.9797 with the target of 1.0010 – 1.0122.
Alternative scenario: breakout and consolidation below the level of 0.9797 will allow the pair to continue to decline to 0.9656 – 0.9556.
Analysis: within the daily timeframe, the development of the upward correction of the senior level as wave (2) has presumably completed and wave (3) has begun forming. On the 4-hour timeframe, the first wave 1 of (3) is being formed, within which an upward correction of the junior level ii of 1 is developing. Within H1 timeframe, wave (c) of ii is most likely forming and if the assumption is true, then the growth of the pair in the short term will continue to marks 1.0010 – 1.0122. Critical level for this scenario is 0.9797, in case of breakout of which the pair will continue to decline to 0.9656 – 0.9556.
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