A decline is expected.

Assumingly, a formation of wave C within the second wave 2 of the senior level continues. At present, a starting wedge as the first wave i of (iii) seems to be forming, within which correction iv is nearing the end. If the assumption is correct, the price continues declining to 0.9400-0.9500. A critical for this scenario is the level of 0.9824.

Trading tips

Sell the pair from corrections, below the level of 0.9824 with the target at 0.9400-0.9500.

Alternative scenario

The breakout and consolidation above the level of 0.9824 would allow the pair to grow further to 0.9900-1.0000.

USD/CHF: wave analysis

USD/CHF: wave analysis

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