The pair USD/CHF remains likely to fall. Estimated pivot point is at a level of 0.9908.
Main scenario: short positions should be considered from corrections below the level of 0.9908 with a target of 0.9167 – 0.9000.
Alternative scenario:breakout and consolidation above the level of 0.9908 will allow the pair to continue the rise up to the levels of 1.0235 – 1.0425.
Analysis: Supposedly, the descending third wave of senior level (3) continues developing on the daily time frame, with wave 3 of (3) forming inside. On the H4 time frame, the first wave of junior level i of 3 formed and a local correction finished developing in the form of wave ii of 3. Apparently, the third wave iii of 3 started developing on the H1 time frame, with local correction (ii) of iii nearing completion inside. If the presumption is correct, the pair will continue to drop to the levels of 0.9167 – 0.9000. The level of 0.9908 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 1.0235 – 1.0425.
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Price chart of USDCHF in real time mode
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