The USDCHF pattern hints to a bearish 5-wave impulse Ⓒ consisting of intermediate sub-waves (1)-(2)-(3)-(4) and (5).
In the current corrective structure, this suggests that the intermediate wave (4), which consists of a W-X-Y zigzag could be ending soon.
According to the Elliott Wave Rules, wave (4) cannot end above wave (1), near 0.977. Hence, the final bearish impulse (5) could take prices near 0.961.
The target would be equal to the 78.6% Fibonacci retracement of sub-wave (3).
Of course, there is always an alternative. The closest candidate would see the current structure bullish. This assumes 0.977 gives in to bullish pressures, invalidation the aforementioned impulsive rule.
Most likely, this would suggest that the market goes all in for a new bullish trend. Should this take effect, the intermediate sub-waves (1)-(2) and minor sub-waves 1-2 have already been formed.
The bullish trend could continue near 1.002, i.e. around the previous high and above.
