USD/CHF Elliott Wave 
Last week the USD/CHF pair was trading in a downward move, impulsive 3 wave (coloured blue) of the bigger (3) wave (coloured green) was developing. During the Friday's Asian and European sessions we could observe descending movement from 0.9358 toward the 0.9305 level. Therefore, during the New York session the USD/CHF pair continued trading in a bearish mood and the price reached the level of 0.9264. At the moment this major pair is trading around 0.9297 level and we are expecting to see small bullish mood today when development of the corrective 4 wave (coloured purple) starts. In accordance with our wave rules and taking into account that the wave 4 should retrace 50% of the wave 3, we can define the potential targets with measuring wave 3 with take profit at 0.9313 (50% of wave 3). To reduce the risk, we can use support at 0.9210 level as stop loss.

Support and Resistance 

(S3) 0.9148 (S2) 0.9206 (S1) 0.9241 (PP) 0.9299 (R1) 0.9334 (R2) 0.9392 (R3) 0.9427

Trading Forecast
Proceeding from Elliott Wave rules today, the price is expected to begin the upward movement. That is why long positions at level 0.9223 with stop loss 0.9210 and take profit at 0.9313 are recommended.