USDCHF: Elliott wave analysis and forecast for 25.08.23 – 01.09.23

Main scenario: consider long positions from corrections above the level of 0.8693 with a target of 0.9160 – 0.9352. 

Alternative scenario: breakout and consolidation below the level of 0.8693 will allow the pair to continue declining to the levels of 0.8542 – 0.8250.

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. The first wave of smaller degree 1 of (5) is presumably formed on the H4 time frame chart, and a bullish correction started unfolding as second wave 2 of (5). Apparently, wave… Read full author’s opinion and review in blog of #LiteFinance