USDCHF:Elliott wave analysis and forecast for 10.06.22 – 17.06.22

Main scenario: consider long positions from corrections above the level of 0.9555 with a target of 1.0067 – 1.0200. 

Alternative scenario:breakout and consolidation below the level of 0.9555 will allow the pair to continue declining to the levels of 0.9430 – 0.9194.

Analysis: the third wave of larger degree (3) is developing on the daily chart, with wave 3 of (3) forming as its part. The third wave of smaller degree iii of 3 is presumably developing on the H4 chart, with wave (iii) of iii formed and a local correction completed as the fourth wave (iv) of iii inside. Apparently, the fifth wave (v) of iii is forming on the H1 chart. If this assumption is correct, the pair will continue to rise to 1.0067 – 1.0200. The level of 0.9555 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels of 0.9430 – 0.9194.

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