USDCHF: Elliott wave analysis and forecast for 22.04.22 – 29.04.22

Main scenario: consider long positions from corrections above the level of 0.9440 with a target of 0.9600 – 0.9683. 

Alternative scenario: breakout and consolidation below the level of 0.9440 will allow the pair to continue declining to the levels of 0.9192 – 0.9087.

Analysis: A downward first wave of larger degree (1) of 5 is formed on the daily chart, and a bullish correction continues developing as the second wave (2) of 5, with wave C of (2) forming as its part. On the H4 chart, the fourth wave iv of C is probably completed and the fifth wave v of C is currently developing. The fifth wave of smaller degree (v) of v of C appears to be forming on the H1 chart. If the presumption is correct, the pair will continue rising to 0.9600 – 0.9683. The level of 0.9440 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels of 0.9192 – 0.9087.

Price chart of USDCHF in real time mode

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