The pair USD/CHF is still likely to fall. Estimated pivot point is at a level of 1.0061.

Main scenario: short positions will be relevant from corrections below the level of 1.0061 with a target of 0.9929 – 0.9876. 

Alternative scenario: Breakout and consolidation above the level of  1.0061 will allow the pair to continue rising to a level of 1.0146 and higher.

Analysis: The first wave of senior level 1 of (3) has been formed on the daily time-frame and the downward correction 2 of (3) has finished developing. Supposedly, the first counter-trend wave i of 1 of (3) of junior level finished forming as an impetus on the H4 time frame. Apparently, a descending correction is forming as wave ii of 1 of (3) on the H1 time frame.  If this assumption is correct, the pair will continue dropping to  0.9929 – 0.9876 in the short term. The level  1.0061 is critical in this scenario.

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Price chart of USDCHF in real time mode

USD/CHF: Wave analysis and forecast for 22/02/2019 – 01/03/2019

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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