USD/CHF Elliott Wave
For the last 2 weeks the USD/CHF pair was trading in an upward move developing 5 wave (coloured blue) of the bigger (3) wave (coloured green). Yesterday during the Asian session we could observe descending movement toward the 0.9590 level where this major pair found support and price started pushing higher. Therefore, during the European and the New York sessions USD/CHF continued trading in a bullish mood and price reached 0.9680 level. Presently we can observe developing of the 5 wave (coloured blue) and we can expect to see price around 0.9800 soon. In accordance with our wave rules and taking into account that the wave 5 retraces 161.8% of the wave 1, we can define the potential targets with measuring the first wave with Take Profit at 0.9823 (161% of wave 1). Support at 0.9600 can be used as a Stop Loss point. Also it is necessary to monitor the CU.S. Core PCE Price Index m/m, Personal Spending m/m, Chicago PMI, Revised UoM Consumer Sentiment and Swiss KOF Economic Barometer data that can change the rate of the pair.
Support and Resistance Levels
(S3) 0.9552 (S2) 0.9585 (S1) 0.9606 (PP) 0.9640 (R1) 0.9673 (R2) 0.9694 (R3) 0.9728
Trading Forecast
Proceeding from Elliott Wave Rules this week, the trend is expected to begin the upward movement. That is why Long positions at level 0.9680 with Stop Loss at 0.9600 and Take Profit at 0.982 are recommended.