USD/CHF: Wave analysis and forecast for 10/08/2018 – 17/08/2018

Ascending trend for the pair USD/CHF continues. Estimated pivot point is at a level of 0.9890.

Main scenario: long positions will be relevant from corrections above the level of 0.9890 with a target of 1.0070 – 1.0115.

Alternative scenario: breakout and consolidation below the level of 0.9890 will allow the pair to continue declining to a level of 0.9745.

Analysis: Supposedly, an ascending impetus continues to form as the first wave of senior level 1 of (3) within the daily time frame. The fifth wave v of 1 is forming on the 4-hour timeframe in the form of a diagonal triangle. Apparently, a local correction in the form of the wave (iv) of v has finished on the 1-hour time frame, and the wave (v) of v started developing, supposedly, in the form of a zigzag. If the presumption is correct, the pair will continue to rise to levels 1.0070 – 1.0115. The level 0.9890 is critical in this scenario.