Major Key Points to Consider
- Primary Scenario (Bearish) : Consider short positions from corrections below the level of 0.81300 with a target of 0.7600 – 0.7500. A sell signal: the price holds below 0.81300. Stop Loss: above 0.813200, Take Profit: 0.7600 – 0.7500.
- Alternative Scenario (Bullish): Breakout and consolidation above the level of 0.8010 will allow the pair to continue rising to the levels of 0.81110 – 0.81310. A buy signal: the level of 0.8010 is broken to the upside. Stop Loss: below 0.8010, Take Profit: 0.81110 – 0.81310
Technical Indicators
Trend: Short-term Uptrend within a long-term Downtrend
Support Levels: 0.79670 – 0.790
Resistance Levels: 0.810 – 0.8130
Momentum: Neutral to Bearish on daily timeframe
Elliott Wave Analysis
On A Weekly Chart : On the Weekly Chart of USD/CHF the larger degree wave of Degree 5 is still Developing. Within This Larger wave (5), Large Wave 1 and 2 has Been Completed and Wave 3 is in process of developing in downtrend .
On A Daily Chart : Within The large wave 3, the Smaller wave ((i)) and ((ii)) has been completed and wave ((iii)) is unfolding of larger wave 3 in downtrend.
On A 4-Hours Chart : The upward correction of wave ((ii)) has been completed and Now Price is moving in wave ((iii)) of larger wave 3.
If this Presumption is correct then USD/CHF may continue to Decline to the Price levels of 0.76 – 0.75.
USD/CHF : Current Rate in the Market
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This forecast is based on the Elliott Wave Theory. When developing trading strategies, it is essential to consider fundamental factors, as the market situation can change at any time.
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