A downward trend is strong.

Assumingly, a downward impulse as a starting first wave (i) has finished forming. Locally, an upward correction (ii) seems to be forming. If the assumption is correct, the pair continues declining after the correction ends. A critical for this scenario is the level of 1.0329 after the breakout of which the pair would continue growing to 1.0400-1.0440.

Trading tips

Wait for the correction to end and sell the pair below the level of 1.0329 with the target at 0.9500-0.9400.

Alternative scenario

The breakout and consolidation above the level of 1.0329 would allow the pair to continue growing to 1.0400-1.0440.

USD/CHF: wave analysis

USD/CHF: wave analysis

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