Estimated pivot point is at the level of 1.0012.

Analysis: Presumably, the formation of the third wave of the senior level continues. Locally, it is likely that the downward correction as the second wave (ii) has completed and the wave (iii) is being developed. If this assumption is correct, the pair can continue to rise up to 1.0280 or higher. Critical level for this scenario is 1.0012. 

Alternative scenario: Breakdown and consolidation of the price below the level of 1.0012 will trigger further decline in the pair to 0.9866. 

Our opinion: Buy the pair from correction above the level of 1.0012 with the target of 1.0280 or higher up. 

USDCHF,H1

USDCHF,H4




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