LFWT Signal – USDCHF Wave analysis and forecast for 21.07 – 28.07

Wave analysis and forecast for 21.07 – 28.07: Downtrend dominates.

Estimated pivot point is at the level of 0.9618.

Analysis: Presumably, on the four-hour timeframe, the formation of the downtrend continues as the third wave 3 of the senior level. Locally it seems that the fifth wave v of 3 is being developed, within which the third wave of the junior level (iii) of v is being formed. If this assumption is correct, the pair can continue to decline to 0.9400 – 0.9350. Critical level for this scenario is 0.9618.

Alternative scenario: Breakout and consolidation of the price above the level of 0.9618 will trigger further rise in the pair up to 0.9760.