Main scenario: Consider short positions from corrections below the level of 0.9269 with a target of 0.9096 – 0.9055.
Alternative scenario: breakout and consolidation above the level of 0.9269 will allow the pair to continue rising to the levels of 0.9370 – 0.9476.
Analysis: Daily time frame: presumably, a descending first wave of larger degree (1) of 5 formed, and an ascending correction is now developing as second wave (2) of 5. On the H4 time frame, wave A of (2) formed and wave B of (2) finished developing. Apparently, wave С of (2) started developing on the H1 time frame, with the first wave of smaller degree i of C formed and a downward correction developing as wave ii of C inside. If this assumption is correct, the pair will continue to fall to 0.9096 – 0.9055. The level of 0.9269 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 0.9370 – 0.9476.
Price chart of USDCHF in real time mode
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