Main scenario: consider short positions from corrections below the level of 0.9887 with a target of 0.9350 – 0.9076.
Alternative scenario: breakout and consolidation above the level of 0.9887 will allow the pair to continue rising to the levels of 1.0056 – 1.0350.
Analysis: apparently, an ascending correction finished developing as the fourth wave of larger degree (4) on the daily chart, and the fifth wave (5) of 5 started forming. The first wave of smaller degree 1 of (5) is developing on the H4 chart, with wave i of 1 formed inside. Apparently a local correction finished developing as wave ii of 1 on the H1 chart, with wave (c) of iii formed as its part. Wave iii of 1 started unfolding. If the presumption is correct, the pair will continue to drop to the levels of 0.9350 – 0.9076. The level of 0.9887 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 1.0056 – 1.0350.
Price chart of USDCHF in real time mode
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