USDCHF: Elliott wave analysis and forecast for 02.07.21 – 09.07.21
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
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