USD/CHF: Wave analysis and forecast for 16/11/2018 – 23/11/2018

The pair USD/CHF is likely to fall in price. Estimated pivot point is at a level of 1.0127.

Main scenario: short positions will be relevant below the level of  1.0127 with a target of 0.9859 – 0.9724.

Alternative scenario:breakout and consolidation above the level of 1.0127 will allow the pair to continue rising to a level of 1.0238.

Analysis: The first wave of senior level 1 of (3) has been formed on the daily time-frame and the downward correction 2 of (3) is developing now. On the H4 time frame, the wave  A of (2) has formed and presumably the local ascending correction of junior level B of (2) finished developing in the form of a zigzag. Apparently, the wave C of (2) begins developing on the 1H time frame. If the presumption is correct, the pair may be expected to fall to the levels of  0.9859 – 0.9724. The level  1.0127 is critical in this scenario.