On the daily chart, the downward third wave of the higher level 3 develops, within which the wave (1) of 3 formed, and an upward correction ended as the wave (2) of 3. Now, the downward wave (3) of 3 has started. If the assumption is correct, the USD/CHF pair will fall to the area of 0.8323–0.8000. In this scenario, critical stop loss level is 0.9220.
Main scenario
Short positions will become relevant below the level of 0.9220 with the targets at 0.8323–0.8000. Implementation period: 7 days and more.
Alternative scenario
A breakout and the consolidation of the price above the level of 0.9220 will let the asset grow to the area of 0.9540–0.9764.