USDCHF: Elliott wave analysis and forecast for 17.11.23 – 24.11.23 | LiteFinance

Main scenario: consider short positions from corrections below the level of 0.9049 with a target of 0.8807 – 0.8706.

Alternative scenario: breakout and consolidation above the level of 0.9049 will allow the pair to continue rising to the levels of 0.9242 – 0.9352.

Analysis: a downside fifth wave of larger degree (5) is presumably unfolding on the daily time frame, with wave 1 of (5) formed as its part. A bullish correction is currently unfolding as second wave 2 of (5). Wave of smaller degree a of 2 is formed on the H4 time frame, and a descending correction is developing as wave b of 2. Apparently, wave (a) of b is formed and a correction is completed as wave (b) of b on the H1 time frame. Wave (c) of b is currently unfolding, with a local correction forming as wave iv of (c) inside. If the presumption is correct, the pair will continue to fall to the levels 0.8807 – 0.8706 after the local correction is complete. The level of 0.9049 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 0.9242 – 0.9352.

Price chart of USDCHF in real time mode

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteFinance. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

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