USD/CHF: Elliott Wave Analysis And Forecast For Sept. 13-20

The pair USD/CHF is still likely to fall Estimated pivot point is at a level of 0.9960.

Main scenario: short positions will be relevant from corrections below the level of 0.9960 with a target of 0.9656 – 0.9556.

Alternative scenario: breakdown and consolidation above the level of 0.9960 will allow the pair to continue the rise up to the levels of 1.0121 – 1.0228.

Analysis: Supposedly, an ascending correction of senior level in the form of the wave (2) finished developing on the daily time frame and wave (3) started forming. The first wave 1 of (3) is forming on the H4 time frame, with a local correction of junior level ii of 1 developed as a part of it. On the H1 time frame, apparently wave (с) of ii has formed and wave iii of 1 is starting to develop at the moment. If the presumption is correct, the pair will continue to drop to the levels 0.9656 – 0.9556. The level of 0.9960 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels 1.0121 – 1.0228.

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