USD/CHF: Wave analysis and forecast for 01/02/2019 – 08/02/2019

The pair USD/CHF is likely to fall in price. Estimated pivot point is at a level of 0.9994.

Main scenario: short positions will be relevant from corrections below the level of 0.9994 with a target of 0.9854 – 0.9819.

Alternative scenario: breakdown and consolidation above the level of 0.9994 will allow the pair to continue the rise up to the levels of 1.0073 – 1.0126.

Analysis: The first wave of senior level 1 of (3) has been formed on the daily time-frame and the downward correction 2 of (3) has finished developing. Supposedly, the first counter-trend wave of junior level i of 1 of (3) is formed as an impetus on the H4 time frame. On the H1 time frame, apparently a local correction has started developing in the form of wave ii of 1. If the presumption is correct, the pair will continue to drop to the levels 0.9854 – 0.9819 in the short term. The level  0.9994 is critical in this scenario.