USD/CHF Elliott Wave
Last week the USD/CHF pair finished developing of the corrective B wave (coloured orange) and the price was trading in a downward move developing the final C wave (coloured orange) start. Yesterday during the European session we could observe an ascending movement towards the 09660 level. Therefore, during the early New York session this major pair did not manage to hold this level and the price pushed lower, reaching a new daily low at 0.9577 level. At the moment the USD/CHF pair is trading around 0.9570 level and we are expecting to see the price around 0.9490 soon. 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 (0.9972-0.9656-0.9808) and Take Profit at 0.9490 (100% of wave A). To reduce the risk, we can use resistance at 0.9660 level as Stop Loss.
Support and Resistance
(S3) 0.9442 (S2) 0.9524 (S1) 0.9553 (PP) 0.9606 (R1) 0.9635 (R2) 0.9688 (R3) 0.9770
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 0.9555 with Stop Loss 0.9660 and Take Profit 0.9490 are recommended.