Estimated pivot point is at a level of 0.9843.

Main scenario: short positions will be relevant below the level of 0.9843 with a target of 0.9655.

Alternative scenario:Breakdown and consolidation above the level of 0.9843 will allow the pair to continue the rise up to the levels of 0.9915 – 0.9983.

Analysis: Supposedly, a descending correction of senior level in the form of the wave B continues to form within the 4-hour time frame. Apparently, the wave (c) of ii is developing at the moment, with the wave (v) of c forming inside. If this assumption is correct, the pair will go on dropping to the level of  0.9655. The level 0.9843 is critical in this scenario.

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USD/CHF Wave analysis and forecast for 12.01 - 19.01

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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