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USDCHF: Elliott wave analysis and forecast for 02.07.21 – 09.07.21

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Main scenario: consider long positions from corrections above the level of 0.9056 with a target of  0.9476 – 0.9678.

Alternative scenario: breakout and consolidation below the level of 0.9056 will allow the pair to continue declining to the levels of 0.8923 – 0.8754.

Analysis: Presumably, a descending first wave of a larger degree (1) of 5 formed and an ascending correction is now developing as a second wave (2) of 5 in the daily timeframe. In the H4 time frame, wave A of (2) was formed and wave B of (2) finished developing. Apparently, wave С of (2) started developing in the H1 time frame, with the first wave of smaller degree i of C forming inside. If this assumption is correct, the pair will continue rising to the zone of 0.9476 – 0.9678. The level of 0.9056 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels of 0.8923 – 0.8754.



     

Price chart of USDCHF in real time mode

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

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