USD/CHF Predicted to Fall to 0.7755-0.7593
A recent analysis of the USD/CHF currency pair using Elliott Wave Theory suggests that the pair may continue to fall. The analysis, published by LiteFinance, states that a bearish fifth wave of larger degree 5 is developing on the weekly time frame.
On the daily time frame, the third wave 3 of (5) appears to have formed, with an ascending correction 4 of (5) completed and wave 5 of (5) starting to unfold. On the H4 time frame, a local correction (ii) of i has been completed, and wave (iii) of i is forming.
The analysis warns that if this scenario is correct, USD/CHF will continue to fall to 0.7755-0.7593. The level of 0.8132 is critical in this scenario, as a breakout above it would allow the pair to rise to levels of 0.8400-0.8600.
The analysis also notes that fundamental factors should be considered when developing trading strategies, as market situations can change at any time.