USDCHF: Elliott wave analysis and forecast for 13.10.23 – 20.10.23

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Main scenario: consider long positions from corrections above the level of 0.8983 with a target of 0.9352 – 0.9540. 

Alternative scenario: breakout and consolidation below the level of 0.8983 will allow the pair to continue declining to the levels of 0.8542 – 0.8250.

Analysis: an ascending correction of larger degree is formed as the fourth wave (4) on the daily chart. A bearish fifth wave (5) is unfolding. The first wave of smaller degree 1 of (5) is presumably formed on the H4 time frame, and a bullish correction is unfolding as second wave 2 of (5), with wave a of 2 continuing forming as its part. On the H1 chart, apparently, wave (iii) of a is formed, and a local correction is completed as wave (iv) of a. If the presumption is correct, the pair will continue to rise in wave (v) of a to the levels of 0.9352 – 0.9540. The level of 0.8983 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels of 0.8542 – 0.8250.



Price chart of USDCHF in real time mode

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