The price is in a correction and 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 formed, and a local correction is ending as the second wave 2 of (3), within which the wave c of 2 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 0.9023.

Main scenario

Short positions will become relevant below the level of 0.9023 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 0.9023 will let the asset grow to the area of 0.9242–0.9437.