USDCHF: Elliott wave analysis and forecast for 29.03.24 – 05.04.24

Main scenario: consider short positions from corrections below the level of 0.9071 with a target of 0.8325 – 0.8050. Alternative scenario: breakout and consolidation above the level of 0.9071 will allow the pair to continue rising to the levels of 0.9240 – 0.9451.Analysis: the downside fifth wave of larger degree (5) is presumably unfolding on the daily time frame. As its part, wave 1 of (5) is formed, a bullish correction is completed as second wave 2 of (5), and the third wave