USD/CHF: Wave analysis and forecast for 17/08/2018 – 24/08/2018

The pair USD/CHF is still likely to fall. Estimated pivot point is at a level of 1.0068.

Main scenario: short positions will be relevant from corrections below the level of 1.0068 with a target of 0.9818 – 0.9745.

Alternative scenario: breakout and consolidation above the level of 1.0068 will allow the pair to continue rising to a level of 1.0115.

Analysis: Supposedly, an ascending impetus finished forming as the first wave of senior level 1 of (3) within the daily time frame. A downward correction is forming as the wave 2 of (3) on the 4-hour timeframe. Apparently, a local correction of junior level b of 2 is nearing completion on the 1H time frame. If the presumption is correct, the pair will continue to fall to the levels 0.9818 – 0.9745 within the wave c of 2 once the correction has finished. The level 1.0068 is critical in this scenario.