USD/CHF Elliott Wave
Yesterday the USD/CHF pair was trading in an upward move, impulsive 5 wave (coloured blue) of the bigger wave (C) (coloured green) was developing. During the Asian session we could observe descending movement from 0.9463 toward the 0.9440 level. Therefore, during the European and New York sessions this major pair did not manage to hold this level and the price reached a new high at 0.9482 level. We can consider this move as the end of the (C) wave (coloured green) of the bigger (B) wave (coloured red). At the moment the USD/CHF pair is trading around 0.9444 level and we are expecting to see continuation of the bearish mood for the next few days. 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 0.9482 level as stop loss.


Support and Resistance
(S3) 0.9419 (S2) 0.9434 (S1) 0.9444 (PP) 0.9460 (R1) 0.9475 (R2) 0.9485 (R3) 0.9501

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 0.9482 and take profit at 0.9153 are recommended.