USD/CHF: Elliott wave analysis and forecast for 29/05/2020 – 05/06/2020

USD/CHF remains likely to fall. Estimated pivot point is at a level of 0.9782.

Main scenario: consider short positions from corrections below the level of 0.9782 with a target of 0.9454 – 0.9238.

Alternative scenario: breakout and consolidation above the level of 0.9782 will allow the pair to continue rising to the levels of 1.0024 – 1.0235.

Analysis: Supposedly, the third descending wave of larger degree (3) continues developing on the daily time frame, with wave 3 of (3) forming inside. On the 4-hour time frame, a correction finished developing in the form of wave ii of 3 and wave…<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>