USD/CHF forecast

   The pair is being traded along the “B-B+” downtrend, below the important resistance level 1.0760 (“Y” trend line). Level 1.0600 is the support. I supposed “B-B+” trend to be finished at level 1.0750, however the pair went under it; now we can speak about the trend’s turn only if the pair goes above the level 1.0760. In fact, on the way up there are two resistances waiting to be willingly grabbed by bears thus suppressing the uptrend – these are levels 1.0832 and 1.0900 (“K” trend line). Hence, until the pair rises above the level 1.0900, we’d better wait for a clear formation of a trend-turning figure or just remain idle for a while – for the reason that “B-B+” downtrend can not be turned easily.

 

 

   The pair had almost reached a very important support level 1.0750 (“Y” trend line); a correction from there to resistance level 1.1428 is supposed to happen. For this scenario to be developed, the pair needs to get over the “K” trend line and also over the “B-B+” trend’s higher bound.

 

 

   The pair had broken the lower bound of “C-C+” trend and also bounced off the “E+” trend line, what implies dropping to “Y” trend line (1.0750), updating the minimum 1.0366, and further dropping to “Q” trend line – level 1.0010 (the graph is obsolete, that’s why the price is 1.1560 and “Q” trend line is missing on it).

 

 

   Bouncing off the “E-E+” trend’s higher bound and also leaving the “C-C+” trend (weekly graph) imply that minimum 1.0366 is meant to be updated, and then the pair is going to drop to “Q” trend line – level 1.0010 / 1.1000. After this level is reached, the pair is supposed to grow to approx. 1.1300 (“E+” trend line) and if this line gets broken, the “Wolf wave” model will take effect. The growth above level 1.1300 will state the completion of the 5th wave and beginning of the 6th one with the target of growth set to level 1.3200.