A chance of decline in the pair remains.

Presumably, the formation of the fifth wave continues within the “bearish” five-wave pattern, which is taking a shape of a diagonal. Locally, it seems that the correction of the junior level as the wave (ii) of v, has completed and the third wave (iii) of v is being developed. If this assumption is correct and the price does not break down the critical level of 0.9400, the pair can decline to 0.8900–0.8820.

Trading tips

Sell the pair from correction below the level of 0.9400 with the target of 0.8900–0.8820.

Alternative scenario

Breakdown and consolidation of the price above the level of 0.9400 will enable the pair to continue the rise up to 0.9500–0.9600.

USD/CHF: wave analysis

USD/CHF: wave analysis




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