Price is in correction zone, possibility of decline is maintained.

On the daily chart, the third down wave of the major degree 3 is developing, within which wave (1) of 3 has formed, the correction has ended in the form of wave (2) of 3, and the down wave (3) of 3 is being recorded. Currently, the first wave of the minor degree 1 of (3) has ended, and the correction continues in the form of the second wave 2 of (3). If this assessment is correct, the USD/CHF rate will decline to the zone of 0.8000–0.7700. The maximum stop loss for this scenario is 0.8903.

Main script

Consider opening a sell order below 0.8903, with a target to take profit in the 0.8000–0.7700 zone. Timeframe: 7 days or more.

Alternative scenario

The breakout and consolidation above the 0.8903 level allowed the instrument to continue the uptrend towards the 0.9210–0.9440 zone.