USDCHF: Elliott wave analysis and forecast for 23.09.22 – 30.09.22


Main scenario: consider short positions of corrections below the level of 0.9865 with a target of 0.9350 – 0.9200.

Alternative scenario: a break and consolidation above the level of 0.9865 will allow the pair to continue rising to the levels of 1.0056 – 1.0200.

Analysis: Apparently, an upward correction has finished developing as the fourth wave of greater degree (4) on the daily chart, and the fifth wave (5) of 5 has begun to form. The first wave of lesser degree 1 of (5) unfolds on the H4 chart, with wave i of 1 formed and correction completed as wave ii of 1 inside. Apparently, the third wave iii of 1 started to develop on the H1 chart, with wave (i) of iii formed and a local correction presumably completed as wave (ii) of iii within. If the assumption is correct, the pair will continue to fall to the levels of 0.9350 – 0.9200. The level of 0.9865 is critical in this scenario. Its break will allow the pair to continue rising to the levels of 1.0056 – 1.0200.

USDCHF price chart in real time mode

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