The probability of reduction remains.

On the daily chart, the third downward wave of the upper level 3 is developing, within which wave (1) of 3 and correction as wave (2) of 3 were formed, and the downward wave (3) of 3 is also observed. At this time, the first wave of the lower level 1 of (3) and correction as the second wave 2 of (3) are developing, within which wave c of 2 was completed. If the assumption is correct, the USD/CHF pair will fall in wave 3 of (3) in the area of 0.8000–0.7700. The critical stop-loss level for this scenario is 0.8914.

Main stage

Short positions are relevant below the level of 0.8914 with targets at 0.8000–0.7700. Implementation period: 7 days or more.

Alternative scenario

The breakout and consolidation of the price above the level of 0.8914 will allow the trading instrument to continue the bullish dynamics in the area of 0.9231–0.9451.