USD/CAD: USD/CHF: Elliott Wave Analysis And Forecast For 2-9 July, 2019

The pair USD/CAD is still likely to grow. Estimated pivot point is at a level of 1.3104.

Main scenario: long positions will be relevant from corrections above the level of 1.3104 with a target of 1.3294 – 1.3360.

Alternative scenario: Breakout and consolidation below the level of 1.3104 will allow the pair to continue declining to the levels of 1.3012 – 1.2910.

Analysis: Supposedly, the descending correction finished developing on the D1time frame in the form of the second wave of senior level (2). On the H4 time-frame, the wave С of (2) finished developing as an impulse and the wave (3) started forming. The first wave of junior level i of 1 of (3) is developing inside the latter wave. Apparently, the third wave (iii) is forming inside the first wave i of 1 of (3) on the H1 time-frame. If this assumption is correct, the pair will continue to rise to 1.3294 – 1.3360. The level 1.3104 is critical in this scenario.

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