USD/CHF Elliott Wave
Last week the USD/CHF was trading in a upward channel developing 3 wave(coloured blue). During the Fridays European session we could observe ascending movement toward the 0.9752 level.Therefore during the early New York session this major continued trading in a bullish mood and reached 0.9770 level. We can consider this move as end of the 3 wave (coloured blue) of the bigger (3) wave (coloured green). During the second half of the New York session after Non-Farm Employment Change data showed negative results the USD/CHF pair started pushing lower reached a new daily low at 0.9640 level.Today during the Asian session we could observe the continuation of the bearish mood and price is currently testing 0.9660 resistance level. In accordance with our wave rules and taking into account that the wave 4 retraces 61.8% of the wave 3, we can define the potential targets with Fibonacci retracement (0.9039-0.9772) with Take Profit 1 at 0.9619 (50% of wave 3) and Take Profit 2 at 0.9582 (61.8% of wave 3). Resistance level at 0.9700 can be used as Stop Loss point.

Support and Resistance Levels
(S3) 0.9557 (S2) 0.9608 (S1) 0.9640 (PP) 0.9690 (R1) 0.9741 (R2) 0.9773 (R3) 0.9823

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 0.9650 with Stop Loss at 0.9700, Take Profit 1 at 0.9619 and Take Profit 2 at 0.9582 are recommended