USD/CHF: Elliott wave analysis and forecast for 17/07/2020 – 24/07/2020

USD/CHF corrects and remains likely to fall. Estimated pivot point is at a level of 0.9529.

Main scenario: consider short positions from corrections below the level of 0.9529 with a target of 0.9170 – 0.9050 once the correction is completed.

Alternative scenario: breakout and consolidation above the level of  0.9529 will allow the pair to continue rising to the levels of 0.9630 – 0.9799.

Analysis: Supposedly, the descending third wave of larger degree (3) continues developing on the daily time frame, with wave 1 of (3) forming inside. On the H4 time frame, wave v of 1 is forming, with…<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>