USD/CHF Elliott Wave
Since our last analysis the USD/CHF pair was trading in a downward movement like we expected, impulsive wave 3 (coloured blue) of the bigger (3) wave (coloured green) was developing. Yesterday during the Asian and European sessions we could observe strong descending movement from 0.9457 toward the 0.9396 level. Therefore, during the New York session this pair continued trading in a bearish mood and the price reached a new low at 0.9358 level; we can consider this move as the end of the impulsive (1) wave (coloured pink) of the bigger 3 wave (coloured blue). At the moment the price is trading around 0.9369 level and we are expecting to see the price higher soon. 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 0.9420 (61.8% of wave 1). To reduce the risk, we can use invalidation at 0.9358 level as stop loss.

Support and Resistance
(S3) 0.9365 (S2) 0.9369 (S1) 0.9372 (PP) 0.9376 (R1) 0.9380 (R2) 0.9383 (R3) 0.9387

Trading Forecast 
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why Long positions at level 0.9380 with stop loss 0.9358 and take profit at 0.9420 are recommended.