USD/CHF Elliott Wave
This week the USD/CHF pair was trading in an upward move, corrective (C) wave (coloured green) of the bigger wave (B) (coloured red) was developing. Yesterday during the Asian session we could observe descending movement from 0.9448 toward the 0.9380 level. Therefore, during the European and New York sessions this major pair did not manage to hold this level and the price started pushing higher reaching a new high at 0.9471 level. We can consider this move as the end of the corrective (B) wave (coloured red). Today the USD/CHF pair is trading lower and we are expecting to see the price around 0.9150 level when development of the (C) wave (coloured red) starts. In accordance with our wave rules and taking into account that the wave 2 should retrace 78.6% of the wave 1, we can define the potential targets with measuring wave 1 with take profit at 0.9153 (78.6% of wave 1). To reduce the risk, we can use invalidation at 0.9471 level as stop loss.
Support and Resistance
(S3) 0.9343 (S2) 0.9378 (S1) 0.9399 (PP) 0.9433 (R1) 0.9468 (R2) 0.9489 (R3) 0.9523

Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 0.9415 with stop loss 0.9471 and take profit at 0.9153 are recommended.