USD/CHF Elliott Wave
Yesterday the USD/CHF pair was trading in a downward move developing corrective wave B (coloured blue) of the bigger wave (2) (coloured green). During the European and New York trading sessions we could observe descending movement from 0.9805 towards the 0.9740 where this major pair found support and price started pushing higher at the end of NY session. Today the USD/CHF pair broke yesterday’s low at 09740 and price reached new 3 days low at 0.9735 level. We can consider this move as the end of the B wave (coloured blur) and we can expect to see price around 0.9850 today. In accordance with our wave rules and taking into account that the wave C retraces 100% of the wave A, we can define the potential targets with Fibonacci extensions (0.9695-0.9823-0.9735) with Take Profit at 0.9856 (100% of wave A). Resistance at 0.9700 can be used as Stop Loss.
Support and Resistance
(S3) 0.9705 (S2) 0.9730 (S1) 0.9745 (PP) 0.9769 (R1) 0.9794 (R2) 0.9809 (R3) 0.9833
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 0.9775 with Stop Loss 0.9700 and Take Profit 0.9856 are recommended.