A fall is possible.

On the daily chart, the downward third wave of the higher level 3 develops, within which the wave (1) of 3 formed, an upward correction ended as the wave (2) of 3, and the wave (3) of 3 develops. Now, the first wave of the lower level 1 of (3) has ended, a local correction has formed as the second wave 2 of (3), and the third wave 3 of (3) has started, within which the wave i of 3 is developing. If the assumption is correct, the USD/CHF pair will fall to the area of 0.8537–0.8323. In this scenario, critical stop loss level is 0.8894.

Main scenario

Short positions will become relevant below the level of 0.8894 with the targets at 0.8537–0.8323. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price above the level of 0.8894 will let the asset grow to the area of 0.9111–0.9242.