USD/CHF: Elliott wave analysis and forecast for 22/05/2020 – 29/05/2020

USD/CHF remains likely to fall. Estimated pivot point is at a level of 0.9782.

Main scenario: consider short positions from corrections below the level of 0.9782 with a target of 0.9497 – 0.9167.

Alternative scenario: breakout and consolidation above the level of 0.9782 will allow the pair to continue rising to the levels of 1.0024 – 1.0235.

Analysis: Supposedly, the third descending wave of larger degree (3) continues developing on the daily time frame, with wave 3 of (3) forming inside. On the H4 time frame, the first wave of smaller degree i of 3 formed and a correction finished…<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>