Main scenario: consider long positions from corrections above the level of 0.9900 with a target of 1.0350 – 1.0500.
Alternative scenario:breakout and consolidation below the level of 0.9900 will allow the pair to continue declining to the levels of 0.9473 – 0.9200.
Analysis: Supposedly, a downward correction is completed as the second wave of larger degree (2) on the daily chart. The third wave (3) is forming, with wave 3 of (3) developing inside. On the H4 chart, a local correction is formed as the fourth wave iv of 3, and the fifth wave v of 3 is unfolding. Apparently, wave (iii) of v and a corrective wave (iv) of v are formed on the H1 chart. Wave (v) of v is developing at the moment. If the presumption is correct, the pair will continue to rise to the levels of 1.0350 – 1.0500. The level of 0.9900 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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