Technical Analytics Report

USD/CHF: Wave Analysis Report 11 Feb 2021

The pair is in a correction and may grow. 

On the daily chart, the downward first wave of the higher level (1) of 3 developed, and an upward correction started to form as the wave (2) of 3. Now, the wave of the lower level i of A of (2) is forming, within which a local correction is ending as the wave (iv) of i. If the assumption is correct, the pair will grow to the levels of 0.9099–0.9316. In this scenario, critical stop loss level is 0.8833. 

Main Scenario 

Long positions will become relevant during the correction, above the level of 0.8833 with the targets at 0.9099–0.9316. Implementation period: 7 days and more. 

Alternative Scenario 

The breakdown and the consolidation of the price below the level of 0.8833 will let the pair go down to the levels of 0.8720–0.8650. 

Scenario 

TIMEFRAME: WEEKLY

RECOMMENDATION: BUY

ENTRY POINT: 0.8898

TAKE PROFIT: 0.9099, 0.9316

STOP LOSS: 0.8833

KEY LEVELS: 0.8650, 0.8720, 0.8833, 0.9099, 0.9316 

Alternative Scenario 

TIMEFRAME: WEEKLY

RECOMMENDATION: SELL STOP

ENTRY POINT: 0.8830

TAKE PROFIT: 0.8720, 0.8650

STOP LOSS: 0.8890

KEY LEVELS: 0.8650, 0.8720, 0.8833, 0.9099, 0.9316


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