USD/CHF Elliott Wave
For the last few days the USD/CHF pair was trading in a downward channel, impulsive (5) wave (coloured red) of the bigger 1 wave (coloured purle) was developing. Yesterday during the Asian and European sessions we could observe strong descending movement from 0.9185 toward the 0.2136 level. Therefore, during the New York session this major pair continued trading in a bearish mood and the price reached a new low at 0.9113 level. At the moment the USD/CHF is trading at the end of the 1 impulsive wave (coloured purple) and we are expecting to see the end of this wave around 0.9100. In accordance with our wave rules and taking into account that the wave 2 should retrace 61.8% of the wave 1, we can define the potential targets with measuring wave 1 with take profit at 0.9358 (61.8% of wave 1). To reduce the risk, we can use support at 0.9050 level as stop loss.

Support and Resistance
(S3) 0.9083 (S2) 0.9107 (S1) 0.9122 (PP) 0.9146 (R1) 0.9170 (R2) 0.9185 (R3) 0.9209

Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 0.9120 with stop loss 0.9050 and take profit at 0.9358 are recommended.