USDCHF: Elliott wave analysis and forecast for 20.10.23 – 27.10.23

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Main scenario: consider long positions above the level of 0.8800 with a target of 0.9352 – 0.9540 once a correction is formed. 

Alternative scenario: breakout and consolidation below the level of 0.8800 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 formed as its part. Apparently, a local corrective wave b of 2 is developing on the H1 time frame, with wave (c) of b forming inside. If this assumption is correct, the pair will continue to rise in wave с of 2 to 0.9352 – 0.9540 once the correction is over. The level of 0.8800 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

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteFinance. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

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