The USD/CHF rate is likely to decline. Estimated pivot point is at a level of 1.0092.
Main scenario: short positions will be relevant below the level of 1.0092 with a target of 0.9724 – 0.9620.
Alternative scenario: Breakout and consolidation above the level of 1.0092 will allow the pair to continue rising to the levels of 1.0170 – 1.0238.
Analysis: The first wave of senior level 1 of (3) has been complete and the downward correction 2 of (3) is developing on the daily timeframe. On H4 timeframe, the wave A of 2 is complete and, supposedly, the local correction B of 2 has finished forming. Apparently, the wave C of 2 started developing on H1 time frame. Therefore, if the presumption is correct, the pair will continue declining to the levels 0.9724 – 0.9620. The level 1.0092 is critical in this scenario.
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