USD/CHF: wave analysis

The pair may grow.

On the 4-hour chart, a downward correction of the higher level developed as the wave (2), and the formation of the wave (3) began. Now the first wave of the lower level i of 1 of (3) has formed, and a correction as the wave ii of 1 has developed. If the assumption is correct, the pair will grow to the levels of 1.0146–1.0300. In this scenario, critical stop loss level is 0.9923.

Main scenario

Long positions will become relevant during the correction, above the level of 0.9923 with the targets at 1.0146–1.0300. Implementation period: 7 days and more.

Alternative scenario

The breakdown and the consolidation of the price below the level of 0.9923 will let the pair go down to the levels of 0.9876–0.9709.

Scenario

Timeframe Weekly
Recommendation BUY
Entry Point 1.0053
Take Profit 1.0146, 1.0300
Stop Loss 0.9965
Key Levels 0.9709, 0.9876, 0.9923, 1.0146, 1.0300

Alternative scenario

Recommendation SELL STOP
Entry Point 0.9915
Take Profit 0.9876, 0.9709
Stop Loss 0.9945
Key Levels 0.9709, 0.9876, 0.9923, 1.0146, 1.0300