Ascending trend for the pair USD/CHF continues. Estimated pivot point is at a level of 0.9865.
Main scenario: long positions will be relevant from corrections above the level of 0.9865 with a target of 1.0070 – 1.0115.
Alternative scenario:breakout and consolidation below the level of 0.9865 will allow the pair to continue declining to a level of 0.9745.
Analysis: Supposedly, an ascending impetus continues to form as the first wave of senior level 1 of (3) within the daily time frame. The fifth wave v of 1 is forming on the 4-hour timeframe in the form of a diagonal triangle. Apparently, a local correction in the form of the wave (iv) of v has finished on the 1-hour time frame, and the wave (v) of v started developing. If the presumption is correct, the pair will continue to rise to levels 1.0070 – 1.0115. The level 0.9865 is critical in this scenario.
Do you like my analysis? Share the post on your social media and leave your comments below, it would be the best thanks :)
Stay updated of my articles by subscribing to trader blog. Fill in the form below and receive the latest articles in trader blog directly via your email.
- I recommend trying to trade with a reliable broker here. The system allows you to trade by yourself or copy successful traders from all across the globe.
- Telegram channel with high-quality analytics, Forex reviews, training articles, and other useful things for traders http://t.me/liteforex.
Real-time price chart of USDCHF
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.