The pair USD/CHF is still likely to fall. Estimated pivot point is at a level of 1.0008.
Main scenario: short positions will be relevant from corrections below the level of 1.0008 with a target of 0.9724 – 0.9618.
Alternative scenario: breakout and consolidation above the level of 1.0017 will allow the pair to continue rising to a level of 1.0122.
Analysis: The first wave of senior level 1 of (3) has been formed on the daily time-frame and the downward correction 2 of (3) is developing now. On H4 timeframe, presumably the local upward correction of junior level B of (2) has finished in the form of a zigzag and the wave С of (2) has started developing. Apparently, the first wave i of C as a momentum has been formed and the local correction in the form of wave ii of C has finished developing in the hourly timeframe. If the presumption is correct, the pair will continue declining to the levels 0.9724 – 0.9618. The level 1.0008 is critical in this scenario.
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Price chart of USDCHF in real time mode
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