USDCHF: Elliott wave analysis and forecast for 23.09.22 – 30.09.22
Main scenario: consider short positions from corrections below the level of 0.9865 with a target of 0.9350 – 0.9200.
Alternative scenario: breakout and consolidation above the level of 0.9865 will allow the pair to continue rising to the levels of 1.0056 – 1.0200.
Analysis: Apparently, an ascending correction finished developing as the fourth wave of larger degree (4) on the daily chart, and the fifth wave (5) of 5 started forming. The first wave of smaller degree 1 of (5) is developing on the H4 chart, with wave i of 1 formed and a correction completed as wave ii of 1 inside. Apparently, the third wave iii of 1 started developing on the H1 chart, with wave (i) of iii formed and a local correction presumably completed as wave (ii) of iii inside. If the presumption is correct, the pair will continue to drop to the levels of 0.9350 – 0.9200. The level of 0.9865 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 1.0056 – 1.0200.
Price chart of USDCHF in real time mode
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