USDCHF: Elliott wave analysis and forecast for 10.03.2023 – 17.03.2023

Main scenario: consider long positions from corrections above the level of 0.9282 with a target of 0.9550 – 0.9810.

Alternative scenario: breakout and consolidation below the level of 0.9282 will allow the pair to continue declining to the levels of 0.9154 – 0.9060.

Analysis: a bullish third wave of larger degree (3) is developing on the daily chart, with wave 1 of (3) formed inside. A downside correction is presumably completed as wave 2 of (3) on the H4 chart. The third wave 3 of (3) started unfolding, with the first wave of smaller degree (i) of i of 3 forming as its part. Apparently, wave v of (i) of i of 3 is developing on the H1 chart. If this assumption is correct, the pair will continue to rise to 0.9550 – 0.9810. The level of 0.9282 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels of 0.9154 – 0.9060.

Price chart of USDCHF in real time mode

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