Main scenario: consider short positions from corrections below the level of 0.9281 with a target of 0.9025 – 0.8925.
Alternative scenario: breakout and consolidation above the level of 0.9281 will allow the pair to continue rising to the levels of 0.9550 – 0.9810.
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 presumably continues unfolding on the H4 chart as wave 2 of (3), with wave c of 2 forming as its part. The fifth wave of smaller degree (v) of c appears to be developing on the H1 chart, with wave iii of (v) and corrective wave iv of (v) completed and wave v of (v) unfolding inside. If the presumption is correct, the pair will continue to drop to the levels of 0.9025 – 0.8925. The level of 0.9281 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 0.9550 – 0.9810.
Price chart of USDCHF in real time mode
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