A downward trend is strong. Locally, the pair is in a correction.

Assumingly, a downward impulse within the third wave iii of C continues forming. Locally, the first wave of the junior level (i) of iii seems to have finished and the upward correction in wave (ii) shaped as a zigzag is developing. If the assumption is correct, the pair will continue falling towards 0.9500 after the correction ends. Critical for this scenario is the level of 1.0254.

Trading tips

Wait for the correction to end and sell the pair below the level of 1.0254 with the target at 0.9500.

Alternative scenario

The breakout and consolidation above the level of 1.0254 would allow the pair to grow to 1.0500.

USD/CHF: wave analysis

USD/CHF: wave analysis

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