USD/CHF: wave analysis and forecast for 20/07/2018 – 27/07/2018

Ascending trend for the USD/CHF price continues. Estimated pivot point is at a level of 0.9859

Main scenario: long positions will be relevant from corrections above the level of 0.9859 with a target of 1.0100 – 1.0190.

Alternative scenario: breakout and USD/CHF price consolidation below the level of 0.9859 will make USD/CHF rate continue declining towards the level of 0.9745.

Analysis: Supposedly, an ascending momentum continues to form as the first wave of senior level 1 of (3) in USDCHF 1D timeframe. The fifth wave v of 1 is developing in the 4-hour timeframe. Apparently, the third wave of junior level (iii) of v is complete, and a local correction as wave (iv) of v is developing. If the presumption is correct, after it finishes, the USD/CHF rate will continue rising towards levels 1.0100 – 1.0190. The level 0.9859 is critical in this scenario.