USD/CHF Wave analysis and forecast of 10.10 – 17.10: Uptrend continues. Locally, the pair is undergoing correction.
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Estimated pivot point is at the level of 0.9365.
Our opinion: Buy the pair from the correction above the level of 0.9365 with the target of 0.97 – 0.98.
Alternative scenario: Breakout and consolidation below of the level of 0.9365 will make the pair continue to decline to the levels of 0.9268.
Analysis: Presumably, the formation of the ascending momentum in the third wave of the senior level has completed. Locally it is likely that the “bearish” correction is being formed as the fourth wave. Within this wave either a triangle or a plane can develop. The targets of the correction are 24% – 0.9488 and 38% – 0.9367; the first one has been already reached by the price. If this assumption is correct, after the completion of the correction the pair will continue to grow up to the levels of 0.97 – 0.98 in the fifth wave of the supposed momentum.
