USDCHF: Elliott wave analysis and forecast for 07.06.24 – 14.06.24

June 7, 2024 11:52 am

Main scenario: consider short positions from corrections below the level of 0.9161 with a target of 0.8325 – 0.8050. 

Alternative scenario: breakout and consolidation above the level of 0.9161 will allow the pair to continue rising to the levels of 0.9451 – 0.9838.

Analysis: the downside fifth wave of larger degree (5) is presumably unfolding on the daily time frame. As its part, wave 1 of (5) is formed, a bullish correction is completed as second wave 2 of (5), and the third wave 3 of (5) has started unfolding. The first wave of smaller degree i of 3 is forming on the H4 time frame, with wave (iii) of i completed as its part. Apparently, a local corrective wave (iv) of i has started developing on the H1 time frame. If this assumption is correct, the USDCHF pair will continue to fall to 0.8325 – 0.8050 upon correction. The level of 0.9161 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 0.9451 – 0.9838.

Price chart of USDCHF in real time mode

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