USDCHF Wave analysis and forecast for 28.04 – 05.05

Wave analysis and forecast for 28.04 – 05.05: Downtrend continues.

Estimated pivot point is at the level of 0.9998.

Analysis: Presumably, a long-term ascending correction in a form of the fourth wave of senior level has finished developing within the daily time frame. Apparently, the fifth wave has started to develop locally with the first wedge-shaped wave 1 developing within. If the presumption is correct, the pair may continue to fall to a level of 0.9809 in the medium-term perspective. The level 0.9998 is critical in this scenario.

Alternative scenario: Breakout and consolidation above the level of 0.9998 will allow the pair to continue rising to a level of 1.0101.