A decline is expected.

Assumingly, wave C within the second wave 2 of the senior level continues forming. Locally, a correction as the second wave (ii), which, currently, has the form of a zigzag, is likely to be nearing the end. If the assumption is correct, in the short run, the pair starts declining towards 0.9130-0.9050 within the third wave (iii) of an expected diagonal in wave C. A critical for this scenario is the level of the local high 0.9896.

Trading tips

Sell the pair from corrections, below the level of 0.9896 with targets at 0.9130-0.9050.

Alternative scenario

The breakout and consolidation above the level of 0.9896 would allow the pair to grow further to 1.0100.

USD/CHF: wave analysis

USD/CHF: wave analysis

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