USD/CHF: Elliott wave analysis and forecast for 06/09/2019 – 13/09/2019
The USD/CHF pair is under correction, still likely to grow. Estimated pivot point is at a level of 0.9797.
Main scenario: long positions will be relevant from corrections above the level of 0.9797 with a target of 0.9975 – 1.0010.
Alternative scenario: breakout and consolidation below the level of 0.9797 will allow the pair to continue declining to the levels at 0.9656 – 0.9556.
Analysis: Supposedly, an ascending correction of senior level in the form of wave (2) finished developing on the daily time frame and wave (3) started forming. The first counter-trend wave 1 of (3) is forming as a wedge on the H4 time frame, with an ascending correction of junior level ii of 1 developing inside. Apparently, wave (c) of ii is forming on the H1 time frame, with wave v of (c) developing inside. If the presumption is correct, the pair will continue to rise to the levels 0.9975 – 1.0010 in the short term. The level 0.9797 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels of 0.9656 – 0.9556.
U
