USD/CHF: Wave analysis and forecast for 24/08/2018 – 31/08/2018

The pair USD/CHF is still likely to fall. Estimated pivot point is at a level of 0.9978.

Main scenario: short positions will be relevant from corrections below the level of 0.9978 with a target of 0.9745 – 0.9672.

Alternative scenario: breakout and consolidation above the level of 0.9978 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, the local correction of junior level b of 2 has been formed on the 1-hour time frame and a downward impetus is developing in the form of the wave c of 2. If the presumption is correct, the pair will continue to drop to the levels 0.9745 – 0.9672. The level 0.9978 is critical in this scenario..