Main scenario: consider long positions from corrections above the level of 0.9016 with a target of 0.9370 – 0.9473.
Alternative scenario: breakout and consolidation below the level of 0.9016 will allow the pair to continue declining to the levels of 0.8921 – 0.8860.
Analysis: Daily chart: presumably, a descending first wave of larger degree (1) of 5 is formed and an ascending correction is now developing as second wave (2) of 5. There’s wave C of (2) developing on the H4 chart, with wave i of C formed and a corrective wave ii of C completed as part of it. The third wave iii of C appears to be forming on the H1 chart, with wave of smaller degree (i) of iii developing as part of it. If the presumption is correct, the pair will continue to rise to the levels of 0.9370 – 0.9473. The level of 0.9016 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels of 0.8921 – 0.8860.
Price chart of USDCHF in real time mode
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