USD/CHF Elliott Wave
For the last few weeks the USD/CHF pair was trading in an upward movement developing 3 wave.Yesterday during the European session we could observe the ascending movement towards the 0.9665 level . Therefore during the New York session this major continued pushing in a bullish mood and price reached 0.9713 level. Today during the Asian session we could observe that the USD/CHF pair found resistance around 0.9720 level and started pushing lower. We can consider this move as end of the 3 wave (coloured blue) of the bigger wave (3) (coloured green). The price is expected to be lower today. In accordance with our wave rules and taking into account that the wave 4 retraces 50% of the wave 3, we can define the potential targets with Fibonacci retracement (0.9557-0.9719) with Take Profit 1 at 0.9623 (38.2% of wave 3) and Take Profit 2 at 0.9593 (50% of wave 3). End of the 3 wave (coloured blue) can be used as Stop Loss point .Also it is necessary to consider the data concerning the U.S FOMC Member Pianalto Speaks, ADP Non-Farm Employment Change, Prelim GDP q/q, Unemployment Claims, Prelim GDP Price Index q/q, Chicago PMI and Crude Oil Inventories the rate of the pair.

Support and Resistance Levels
(S3) 0.9554 (S2) 0.9599 (S1) 0.9628 (PP) 0.9673 (R1) 0.9718 (R2) 0.9747 (R3) 0.9792

Trading Forecast
Proceeding from Elliott Wave Rules this week the trend is expected to begin the downward movement. That is why Short positions at level 0.9655 with Stop Loss at 0.9719, Take Profit 1 at 0.9623 and Take Profit 2 at 0.9593 are recommended