Main scenario: consider long positions from corrections above the level of 0.9192 with a target of 0.9550 – 0.9810.
Alternative scenario: breakout and consolidation below the level of 0.9192 will allow the pair to continue declining to the levels of 0.9087 – 0.8925.
Analysis: a bullish third wave of larger degree (3) is developing on the daily chart, with wave 1 of (3) formed inside. A downward correction is presumably completed on the H4 chart as wave 2 of (3), with wave c of 2 formed as its part. Apparently, the third wave 3 of (3) started developing on the H1 chart, with the first counter-trend wave of smaller degree (i) of i of 3 forming as its part. If the presumption is correct, the pair will continue to rise to the levels of 0.9550 – 0.9810. The level of 0.9192 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels of 0.9087 – 0.8925.
Price chart of USDCHF in real time mode
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