USD/CHF Wave analysis and forecast for 16.05 – 23.05: The pair is likely to grow.
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Estimated pivot point is at the level of 0.8700.
Our opinion: Buy the pair from correction above the level of 0.8700 with the target of 0.91 – 0.92.
Alternative scenario: Breakout of the level of 0.8700 will allow the pair to continue decline.
Analysis: Presumably, the formation of the fifth wave, which took a shape of a diagonal triangle within the daily timeframe, has completed. Locally, it is likely that the pair has formed reversal and the first in-lead upward wave. If this assumption is correct, and correction in the second wave does not break down critical level of 0.87, it makes sense to expect that growth will continue up to 0.91 – 092.
