Main scenario: consider long positions from corrections above the level of 0.9735 with a target of 1.0200 – 1.0350.
Alternative scenario: breakout and consolidation below the level of 0.9735 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 continues forming on the H1 chart, with the fifth wave of smaller degree v of (iii) unfolding inside. If the presumption is correct, the pair will continue to rise to the levels of 1.0200 – 1.0350. 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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