USD/CHF Elliott Wave
Since our last analysis the USD/CHF pair was trading in a downward movement like we expected, impulsive wave 1 (coloured green) of the bigger wave C (coloured red) was developing. Yesterday during the European session we could observe ascending movement towards the 0.9512 level and we can consider this move as the end of the corrective B wave (coloured red). Therefore, during the New York session when development of the impulsive 1 wave started this major pair started pushing lower reaching a new daily low at 0.9464 level. At the moment the USD/CHF pair is trading around 0.9450 level and we are expecting to see continuation of the bearish mood today. In accordance with our wave rules and taking into account that the wave 3 should retrace 161.8% of the wave 1, we can define the potential targets with measuring wave 1 with take profit at 0.9379 (261.8% of wave 1). To reduce the risk, we can use resistance at 0.9500 level as stop loss.

Support and Resistance
(S3) 0.9436 (S2) 0.9454 (S1) 0.9465 (PP) 0.9483 (R1) 0.9501 (R2) 0.9512 (R3) 0.9530

Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 0.9440 with stop loss 0.9500 and take profit at 0.9379 are recommended.