USDCHF: Elliott wave analysis and forecast for 13.05.2022 – 20.05.2022

Main scenario: consider long positions from corrections above the level of 0.9713 with a target of 1.0200 – 1.0400. 

Alternative scenario: breakout and consolidation below the level of 0.9713 will allow the pair to continue declining to the levels of 0.9615 – 0.9515.

Analysis: The third wave of larger degree (3) is developing on the daily chart, with wave 3 of (3) forming as its part. Supposedly, the third wave of smaller degree iii of 3 is developing on the H4 chart, with wave (iii) of iii formed inside. Apparently, a local correction is starting to develop as the fourth wave (iv) of iii on the H1 chart. If this assumption is correct, the pair will continue to rise to the levels 1.0200 – 1.0400 once the correction’s over. The level of 0.9713 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels of 0.9615 – 0.9515.

Price chart of USDCHF in real time mode

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