USDCHF: Elliott wave analysis and forecast for 14.07.23 – 21.07.23

Main scenario: consider short positions from corrections below the level of 0.8800 with a target of 0.8400 – 0.8250. 

Alternative scenario: breakout and consolidation above the level of 0.8800 will allow the pair to continue rising to the levels of 0.9007 – 0.9145.

Analysis: an ascending correction of larger degree is formed as the fourth wave (4) on the daily chart. A bearish fifth wave (5) is unfolding. On H4 time frame chart, presumably the third wave of smaller degree 3 of (5) is developing, with the wave iii of 3 forming inside. Apparently, a local correction (ii) of iii… Read full author’s opinion and review in blog of #LiteFinance