USD/CHF Elliott Wave
Last week the USD/CHF pair was trading in a downward move, impulsive (5) wave (coloured red) of the bigger 1 wave (coloured purple) was developing. During the Friday's Asian session we could observe strong ascending movement from 0.9117 toward the 0.9181 level. Therefore, during the European and New York sessions this major pair did not manage to hold this level and the price retraced back to 0.9123 level. Today the USD/CHF pair is trading around 0.9150 level and we are expecting to see the price around 0.9350 after New Year. In accordance with our wave rules and taking into account that the wave 2 should retrace 61.8% of the wave 1, we can define the potential targets with measuring wave 1 with take profit at 0.9348 (61.8% of wave 1). To reduce the risk, we can use invalidation at 0.9083 level as stop loss.
Support and Resistance
(S3) 0.9079 (S2) 0.9104 (S1) 0.9120 (PP) 0.9144 (R1) 0.9169 (R2) 0.9185 (R3) 0.9209
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 0.9455 with stop loss 0.9083 and take profit at 0.9348 are recommended.