USDCHF: Elliott wave analysis and forecast for 22.01.2021 – 29.01.2021

Main scenario: Consider short positions from corrections below the level of 0.8923 with a target of 0.8700 – 0.8600.

Alternative scenario: breakout and consolidation above the level of 0.8923 will allow the pair to continue rising to the levels of 0.9026 – 0.9190.

Analysis: Presumably, the descending first wave of larger degree (1) of 5 continues developing on the daily time frame, with wave 5 of (1) forming inside. The fifth wave of smaller degree v of 5 is developing on the H4 time frame. Wave (iii) of v formed, and a local correction developed in the form of wave… Read full author’s opinion and review in blog of #LiteForex