USDCHF participants seem to be forming an intervening wave (x) as part of cycle wave z.
Wave z hints to a double zigzag pattern, contained by intermediate sub-waves (W)-(X) and (Y).
With (A) of (Y) completed, bulls could increase bets to form minor wave B near 1.3187. The level is projected as the 50% of impulse minor A.
After the completion of B, we could see the bearish trend resume and reach the 1.3000 area where intermediate wave (Y) will be at the 161.8% of intermediate (W).
The alternative scenario is similar to the most-likely, but here the bearish minor impulse A is considered incomplete.
Under this alternative, the construction of minute wave four has just begun.
Given that the fourth waves are often shallow corrections, this wave could end near 1.3160, which will be a projection based on the 38.2% Fibonacci of the previous bearish impulse.
A decline near 1.3070, where wave ⓥ will be at the 61.8% Fibo of the assumed correction, could be then seen.
