USDCHF: Elliott wave analysis and forecast for 15.09.23 – 22.09.23
Main scenario: consider long positions from corrections above the level of 0.8743 with a target of 0.9160 – 0.9352.
Alternative scenario: breakout and consolidation below the level of 0.8743 will allow the pair to continue declining to the levels of 0.8542 – 0.8250.
Analysis: an ascending correction of larger degree is formed as the fourth wave (4) on the daily chart. A bearish fifth wave (5) is unfolding. The first wave of smaller degree 1 of (5) is presumably formed on the H4 time frame chart, and a bullish correction started unfolding as second wave 2 of (5). Apparently, wave а of 2 continues developing in the H1 time frame, with wave (iii) of a forming as its part. If the presumption is correct, the pair will continue to rise to the levels of 0.9160 – 0.9352. The level of 0.8743 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels of 0.8542 – 0.8250.
Price chart of USDCHF in real time mode
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