USD/CHF Elliott Wave
Since our last analysis the USD/CHF pair was trading lower like we expected, impulsive 5 wave (coloured blue) of the bigger (3) wave (coloured green) was developing. During the Asian and European sessions we could observe descending movement from 0.9275 toward the 0.9256 level. Therefore, during the New York session this major pair did not manage to hold this level and price was trading in a sideways move between 0.9243 and 0.9227 level. Today during the early Asian session we could observe one more bearish move that bring this major to the 0.9208 and we can consider this move as the end of the (3) impulsive wave (coloured green). In accordance with our wave rules and taking into account that the wave 4 should retrace 38.2% of the wave 3, we can define the potential targets with measuring wave 3 with take profit at 0.9265 (38.2% of wave 3). To reduce the risk, we can use support at 0.9185 level as stop loss.
Support and Resistance
(S3) 0.9166 (S2) 0.9195 (S1) 0.9216 (PP) 0.9245 (R1) 0.9266 (R2) 0.9295 (R3) 0.9316
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 0.9230 with stop loss 0.9200 and take profit at 0.9283 are recommended.