USDCHF: Elliott wave analysis and forecast for 16.07.2021 – 23.07.2021

Main scenario: Consider short positions from corrections below the level of 0.9269 with a target of 0.9096 – 0.9055.

Alternative scenario: breakout and consolidation above the level of 0.9269 will allow the pair to continue rising to the levels of 0.9370 – 0.9476.

Analysis: Daily time frame: presumably, a descending first wave of larger degree (1) of 5 formed, and an ascending correction is now developing as second wave (2) of 5. On the H4 time frame, wave A of (2) formed and wave B of (2) finished developing. Apparently, wave С of (2) started developing on the H1 time frame, with the first wave of smaller degree i of C formed and a downward correction developing as wave ii of C inside. If this assumption is correct, the pair will continue to fall to 0.9096 – 0.9055. The level of 0.9269 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 0.9370 – 0.9476.

Price chart of USDCHF in real time mode

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

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