The USD/CHF rate is likely to decline. Estimated pivot point is at a level of 1.0092.

Main scenario: short positions will be relevant below the level of 1.0092 with a target of 0.9724 – 0.9620.

Alternative scenario: Breakout and consolidation above the level of 1.0092 will allow the pair to continue rising to the levels of 1.0170 – 1.0238.

Analysis: The first wave of senior level 1 of (3) has been complete and the downward correction 2 of (3) is developing on the daily timeframe.  On H4 timeframe, the wave A of 2 is complete and, supposedly, the local correction B of 2 has finished forming. Apparently, the wave C of 2 started developing on H1 time frame. Therefore, if the presumption is correct, the pair will continue declining to the levels 0.9724 – 0.9620. The level 1.0092 is critical in this scenario.

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USD/CHF: Wave analysis and forecast for 02/11/2018 – 09/11/2018

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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