USD/CHF: Wave Analysis and Forecast for 06.05 – 13.05
USD/CHF: The pair is likely to decline.
Estimated pivot point is at the level of 0.9790.
Our opinion: Sell the pair from correction below the level of 0.9790 with the target of 0.9130.
Alternative scenario: Breakout and consolidation of the price above the level of 0.9790 will allow the pair to continue the rise to 0.99 – 1.00.
Analysis:
Presumably, the formation of the upward correction has completed as the
second wave ii, which took a shape of the zigzag. Currently, it seems
that the third wave iii is being developed, within which one-two impetus
(i) of iii has been formed and the local correction (ii) of iii is
nearing completion. If this assumption is correct the pair will continue
to decline in the medium-term downtrend. Critical level for this
scenario is 0.9790.
