USD/CHF: Elliott wave analysis and forecast for 01.10.21 – 08.10.21
Main scenario: consider long positions from corrections above the level of 0.9215 with a target of 0.9506 – 0.9685.
Alternative scenario: breakout and consolidation below the level of 0.9215 will allow the pair to continue declining to the levels of 0.9103 – 0.9018.
Analysis: Daily chart: presumably, a descending first wave of larger degree (1) of 5 is formed and an ascending correction is now developing as second wave (2) of 5. There’s wave C of (2) developing in the H4 chart, with wave i of C formed, a corrective wave ii of C completed and wave iii of C developing as part of it. On the H1 chart, a local correction in the form of wave (iv) of iii formed and wave (v) of iii is developing. If the presumption is correct, the pair will continue to rise to the levels of 0.9506 – 0.9685. The level of 0.9215 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels of 0.9103 – 0.9018.
Price chart of USDCHF in real time mode
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