USD/CHF Wave analysis and forecast for 18.04 – 25.04: Downtrend dominates. Locally the pair is experiencing correction. Estimated pivot point is at the level of 0.8775.
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Our opinion: In the short-term: buy the pair from correction above the level of 0.8775 with the target of 0.8850 – 0.8870. In the medium-term: wait for the completion of upward correction and sell the pair with the target of 0.8670.
Alternative scenario: Breakout of the level of 0.8775 will enable the pair to continue decline to the level of 0.8670.
Analysis: Presumably, on the daily timeframe the formation of the fourth wave has completed and the pair continues to go down in the fifth wave of the forming wedge. At the moment local correction as the second wave is nearing completion. If this assumption is correct, the pair will continue to go down in the third wave iii of 5.
