USD/CHF: Wave analysis and forecast for 23/11/2018 – 30/11/2018

The pair USD/CHF is still likely to fall. Estimated pivot point is at a level of 0.9996.

Main scenario: short positions will be relevant below the level of 0.9996 with a target of 0.9859 – 0.9724.

Alternative scenario: breakout and consolidation above the level of 0.9996 will allow the pair to continue rising to a level of 1.0086.

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) is developing now. On H4 timeframe, presumably the local ascending correction of junior level B of (2) has finished in the form of a zigzag and the wave С of (2) has started developing. Apparently, the first wave i of C is developing as an impetus on 1H time frame. If the presumption is correct, the pair will resume falling to the levels of 0.9859 – 0.9724. The level 0.9996 is critical in this scenario.