USD/CHF: Wave analysis and forecast for 15/02/2019 – 22/02/2019

The pair USD/CHF is likely to fall under correction. Estimated pivot point is at a level of 1.0150.

Main scenario: short positions will be relevant from corrections below the level of 1.0150 with a target of 0.9929 – 0.9876.

Alternative scenario: Breakout and consolidation above the level of  1.0150 will allow the pair to continue rising to a level of 1.0300 and higher.

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 i of 1 of (3) of junior level finished forming as an impetus on the H4 time frame. Apparently, a descending correction is forming as wave ii of 1 of (3) on the H1 time frame.  If this assumption is correct, the pair will continue dropping to  0.9929 – 0.9876 in the short term. The level  1.0150 is critical in this scenario.