Main scenario: consider short positions from corrections below the level of 1.0056 with a target of 0.9076 – 0.8918 once the correction is completed.
Alternative scenario: breakout and consolidation above the level of 1.0056 will allow the pair to continue rising to the levels of 1.0350 – 1.0600.
Analysis: the fifth wave of larger degree 5 of (V) presumably continues developing on the weekly chart, with wave (5) of 5 forming as its part. On the daily chart, the first wave of smaller degree 1 of (5) is developing, with wave i of 1 formed inside. Apparently, a local correction is forming as wave ii of 1 on the H4 chart. If this assumption is correct, the pair will continue to fall to the levels of 0.9076 – 0.8918 once the correction’s over. The level of 1.0056 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 1.0350 – 1.0600.
Price chart of USDCHF in real time mode
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