USD/CHF Sees Bullish and Bearish Scenarios in Elliott Wave Analysis
A technical analysis of the USD/CHF currency pair using the Elliott Wave Theory suggests that the pair will continue to rise. According to Alex Geuta, a writer for LiteFinance, the bearish fifth wave of larger degree 5 is developing on the weekly time frame, with wave (5) of 5 forming as its part.
The third wave 3 of (5) appears to have formed on the daily chart, and the ascending correction is still unfolding as the fourth wave 4 of (5). Wave c of 4 continues developing on the H4 chart, with wave (v) of c forming as its part. If the presumption is correct, USD/CHF will continue to rise to the levels of 0.8204-0.8400.
The level of 0.7948 is critical in this scenario. A breakout below it will allow the pair to continue falling to the levels of 0.7755-0.7593. This forecast is based on the Elliott Wave Theory, and fundamental factors should be considered when developing trading strategies.