The price is in a correction, a fall is possible.

On the daily chart, the downward third wave of the higher level 3 develops, within which the wave (1) of 3 formed, a correction ended as the wave (2) of 3, and the downward wave (3) of 3 forms. Now, the first wave of the lower level 1 of (3) has ended, and a correction is developing as the second wave 2 of (3). If the assumption is correct, the USD/CHF pair will fall to the area of 0.8000–0.7700. In this scenario, critical stop loss level is 0.8903.

Main scenario

Short positions will become relevant below the level of 0.8903 with the targets at 0.8000–0.7700. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price above the level of 0.8903 will let the asset grow to the area of 0.9210–0.9440.