USDCHF Wave analysis and forecast for 05.05 – 12.05
Wave analysis and forecast for 05.05 – 12.05: Downtrend continues.
Estimated pivot point is at the level of 0.9954.
Analysis: Presumably, the formation of the downward wedge continues in the four-hour timeframe, within which the fifth wave is being formed. Locally it seems that the third wave as an impetus of the junior level (iii) of v is being developed. If this assumption is correct, the pair may decline to the level of 0.9809. Critical level for this scenario is 0.9954.
Alternative scenario: Breakout and consolidation of the price above the level of 0.9954 will trigger rise in the pair up to 1.0029.