USDCHF: Elliott wave analysis and forecast for 29.04.2022 – 06.05.2022

Main scenario: consider long positions from corrections above the level of 0.9544 with a target of 0.9820 – 0.9900. 

Alternative scenario: breakout and consolidation below the level of 0.9544 will allow the pair to continue declining to the levels of 0.9408 – 0.9195.

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. Supposedly, the third wave iii of C is developing on the H4 chart, with wave (iii) of iii forming inside. Apparently, the third wave of smaller degree iii of (iii) is formed on the H1 chart. If this assumption is correct, the pair will continue to grow to 0.9820 – 0.9900 once a local correction iv of (iii) is formed. The level of 0.9544 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels of 0.9408 – 0.9195.


Price chart of USDCHF in real time mode

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