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Main scenario: consider long positions from corrections above the level of 0.8775 with a target of 0.9020 – 0.9240.
Alternative scenario: breakout and consolidation below the level of 0.8775 will allow the pair to continue declining to the levels of 0.8200 – 0.8050.
Analysis: the downside fifth wave of larger degree (5) is presumably unfolding on the daily time frame, with wave 1 of (5) formed as its part. A bullish correction is completed as second wave 2 of (5). The third wave 3 of (5) started developing on the H4 chart, with the first wave of smaller degree i of 3 formed and a local correction continuing unfolding as second wave ii of 3 inside. Wave (с) of ii appears to be unfolding on the H1 chart, with wave v of (c) developing as its part. If the presumption is correct, the USDCHF pair will continue to rise to the levels of 0.9020 – 0.9240. The level of 0.8775 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels of 0.8200 – 0.8050.
Price chart of USDCHF in real time mode
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