USD/CHF remains likely to fall. Estimated pivot point is at a level of 0.9532.
Main scenario: consider short positions from corrections below the level of 0.9532 with a target of 0.9323 – 0.9170.
Alternative scenario: breakout and consolidation above the level of 0.9532 will allow the pair to continue rising to the levels of 0.9651 – 0.9781.
Analysis: Supposedly, the third descending wave of larger degree (3) continues developing on the daily time frame, with wave 1 of (3) forming inside. On the 4-hour time frame, a correction finished developing in the form of wave iv of 1 and wave v of 1 is forming, with wave (iii) of v forming inside. Apparently, the third wave of smaller degree iii of (iii) has formed on the H1 time frame. If this assumption is correct, the pair will continue to fall to 0.9323 – 0.9170 once correction iv of (iii) has formed. The level of 0.9532 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 0.9651 – 0.9781.
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Price chart of USDCHF in real time mode
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