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Main scenario: consider short positions from corrections below the level of 0.8893 with a target of 0.8200 – 0.8050.
Alternative scenario: breakout and consolidation above the level of 0.8893 will allow the pair to continue rising to the levels of 0.9020 – 0.9240.
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. The development of the upward correction as the second wave 2 of (5) was completed. The third wave 3 of (5) is currently unfolding. The first wave of the smaller level i of 3 was completed on the H4 chart. The local correction came to an end as a second wave ii of 3. The third wave iii of 3 appears to be unfolding on the H1 chart. If the presumption is correct, the USDCHF pair will continue to decline to the levels of 0.8200 – 0.8050. The level of 0.8893 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 0.9020 – 0.9240.
Price chart of USDCHF in real time mode
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