Main scenario: consider long positions from corrections above the level of 0.9735 with a target of 1.0056 – 1.0200.
Alternative scenario: breakout and consolidation below the level of 0.9735 will allow the pair to continue falling to the levels of 0.9473 – 0.9200.
Analysis: a descending correction completed as the second wave (2) of a larger degree in the daily timeframe, and the third wave (3) is forming, with wave 3 of (3) developing inside. The local correction has finished as the fourth wave iv of 3 of a smaller degree in the four-hour chart, and the fifth wave v of 3 is unfolding. In the H1 timeframe, (iii) of v must be unfolding, with the local correction completed inside as wave iv of (iii) and wave v of (iii) developing. If the presumption is correct, the pair will continue rising to levels of 1.0056 — 1.0200. The level of 0.9735 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels of 0.9473 – 0.9200.
Price chart of USDCHF in real time mode
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