USDCHF: Elliott wave analysis and forecast for 05.01.24 – 12.01.24

Main scenario: consider short positions from corrections below the level of 0.8621 with a target of 0.8200 – 0.8050 once a correction is completed. 

Alternative scenario: breakout and consolidation above the level of 0.8621 will allow the pair to continue rising to the levels of 0.8715 – 0.8805.

Analysis: the downside fifth wave of larger degree (5) is presumably unfolding on the daily time frame, with wave 1 of (5) formed as its part. A bullish correction is completed as second wave 2 of (5). The third wave 3 of (5) started developing on the H4 time frame, with the… Read full author’s opinion and review in blog of #LiteFinance