USD/CHF: Wave analysis and forecast for 22/06/2018 – 29/06/2018

Ascending trend for the pair USD/CHF continues. Estimated pivot point is at a level of 0.9787.

Main scenario: long positions will be relevant from corrections above the level of 0.9787 with a target of 1.0057 – 1.0190.

Alternative scenario: breakout and consolidation below the level of 0.9787 will allow the pair to continue declining to the levels at 0.9745 – 0.9668.

Analysis: Supposedly, an ascending impetus continues to form as the first wave of senior level 1 of (3) within the daily time frame. A downward correction in the form of wave iv of 1 has finished in the 4-hour time frame and the wave v of 1 has started forming. Apparently, the first wave of junior level (i) of v has been formed in the 1-hour time frame and a downward correction is developing in the form of the wave (ii) of v. If the presumption is correct, the pair will logically resume rising to the levels 1.0057 – 1.0190 once the correction is completed. The level 0.9787 is critical in this scenario.