USD/CHF: Wave analysis and forecast for 26/10/2018 – 02/11/2018
The pair USD/CHF is still likely to grow. Estimated pivot point is at a level of 0.9934.
Main scenario: long positions will be relevant from corrections above the level of 0.9934 with a target of 1.0068 – 1.0170.
Alternative scenario: breakout and consolidation below the level of 0.9934 will allow the pair to continue declining to the levels at 0.9856 – 0.9797.
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 has developed in the form of the first wave of junior level i of 3 and, supposedly, the local correction ii of 3 finished forming. Apparently, the wave iii of 3 started developing on H1 time frame, with the waves (i) and (ii) formed inside. If the presumption is correct, the pair will continue to rise to the levels 1.0068 – 1.0170. The level 0.9934 is critical in this scenario.
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