USDCHF: Elliott wave analysis and forecast for 08.03.24 – 15.03.24

Main scenario: consider short positions from corrections below the level of 0.8893 with a target of 0.8200 – 0.8050.Alternative scenario: breakout and consolidation above the level of 0.8893 will allow the pair to continue rising to the levels of 0.9020 – 0.9240.Analysis: the downside fifth wave of larger degree (5) is presumably unfolding on the daily time frame, with wave 1 of (5) formed as its part. The development of the upward correction as the second wave 2 of (5) was completed