USDCHF: Elliott wave analysis and forecast for 29.01.21 – 05.02.21

Main scenario: consider short positions from corrections below the level of 0.8974 with a target of 0.8700 – 0.8600 once the correction is completed.

Alternative scenario: breakout and consolidation above the level of 0.8974 will allow the pair to continue rising to the levels of 0.9201 – 0.9297.

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 as part of it. The fifth wave of smaller degree v of 5 is developing on the H4 time frame. Wave (iii) of v formed, and a… Read full author’s opinion and review in blog of #LiteForex