USDCHF: Elliott wave analysis and forecast for 27.08.2021 – 03.09.2021
Main scenario: consider long positions from corrections above the level of 0.9096 with a target of 0.9370 – 0.9473.
Alternative scenario: breakout and consolidation below the level of 0.9096 will allow the pair to continue declining to the levels of 0.9016 – 0.8921.
Analysis: Daily chart: presumably, the descending first wave of larger degree (1) of 5 was formed and an ascending correction is now developing as second wave (2) of 5. There’s wave C of (2) developing on the H4 chart, with wave i of C formed and a corrective wave ii of C completed as part of it. The third wave iii of C appears to be forming on the H1 chart, with wave of smaller degree (i) of iii and wave (ii) of iii completed, and wave (iii) of iii developing as part of it. If the presumption is correct, the pair will continue to rise to the levels of 0.9370 – 0.9473. The level of 0.9096 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels of 0.9016 – 0.8921.
Price chart of USDCHF in real time mode
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