USD/CHF: Elliott Wave Analysis And Forecast For 29/11/2019 – 06/12/2019

The pair USD/CHF is still likely to fall. Estimated pivot point is at a level of 1.0028.

Main scenario: short positions will be relevant from corrections below the level of 1.0028 with a target of 0.9717 – 0.9656.

Alternative scenario: breakout and consolidation above the level of 1.0028 will allow the pair to continue the rise up to the levels of 1.0121 – 1.0230.

Analysis: Supposedly, an ascending correction of senior level finished developing in the form of wave (2) on the daily time frame and wave (3) has started forming. A local correction ii of 1 of (3) has formed and wave iii of 1 of (3) has started developing on the H4 time frame, with a counter-trend wave of junior level (i) of iii formed inside. Apparently, a local correction (ii) of iii has formed on the H1 time frame. If the presumption is correct, the pair may be expected to fall to the levels of 0.9717 – 0.9656. The level of 1.0028 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 1.0121 – 1.0230.

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