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) seems to be completed and wave (III) is unfolding. For the wave (II) the correction leg of (a) and (b) has been completed now the Price movement is in wave (c) of (II) or this has been completed. if the price movement is completed for wave (II) then price will proceed for 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
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of Webmile | Markets [A propriety of SingleDot Technologies]. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice. According to copyright law, this article is considered intellectual property, which includes a prohibition on copying and distributing it without consent.
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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