USD/CHF: Elliott wave analysis and forecast for 23/08/2019 – 30/08/2019

The  USD/CHF pair is under correction, still likely to fall. Estimated pivot point is at a level of 0.9973.

Main scenario: short positions will be relevant from corrections below the level of 0.9973 with a target of 0.9556 – 0.9188 once the correction is completed.

Alternative scenario: breakdown and consolidation above the level of 0.9973 will allow the pair to continue the rise up to the levels of 1.0122 – 1.0230.

Analysis: Supposedly, the ascending correction of senior level in the form of the wave (2) finished developing on the daily time frame and the wave (3) started forming. The third wave of junior level is forming inside the wave 1 of (3) on the H4 timeframe. Apparently, the local correction  (ii) of iii is nearing completion on the H1 time frame. If the presumption is correct, the pair will resume falling to the level of 0.9556 inside wave (iii) of iii once the correction is over. The level of 0.9973 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels 1.0122 – 1.0230.