USD/CHF: Elliott wave analysis and forecast for 24/07/2020 – 31/07/2020

USD/CHF remains likely to fall. Estimated pivot point is at a level of 0.9358.

Main scenario: Consider short positions from corrections below the level of 0.9358 with a target of 0.9100 – 0.9000.

Alternative scenario: breakout and consolidation above the level of  0.9358 will allow the pair to continue rising to the levels of 0.9464 – 0.9532.

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 wave (iii) of v continuing to form…<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>