USDCHF Wave analysis and forecast for 08.08 – 15.08: Uptrend continues. Locally the pair is experiencing correction.

Estimated pivot point is at the level of 0.9040.

Our opinion: Buy the pair from the correction above the level of 0.9040 with the target of 0.9180 – 0.92.

Alternative scenario: Breakout of the level of 0.9040 will enable the pair to continue the decline to the levels of 0.90 – 0.8950.

Analysis: Presumably, the formation of the upward momentum in the third wave (iii) continues. Locally, “bearish” correction in the fourth wave (iv) is being formed. If this assumption is correct after the completion of the correction the pair will continue to rise in the fifth wave to the levels of 0.9180 - 0.92.