USDCHF: Elliott wave analysis and forecast for 04.08.23 – 11.08.23

Main scenario: consider short positions from corrections below the level of 0.8808 with a target of 0.8400 – 0.8250. 

Alternative scenario: breakout and consolidation above the level of 0.8808 will allow the pair to continue rising to the levels of 0.9007 – 0.9145.

Analysis: an ascending correction of larger degree is formed as the fourth wave (4) on the daily chart. A bearish fifth wave (5) is unfolding. On H4 time frame chart, the third wave of smaller degree 3 of (5) is presumably developing, with the wave iii of 3 forming inside. On the H1 chart, apparently, wave (iii)… Read full author’s opinion and review in blog of #LiteFinance