USDCHF seems to be forming a cycle degree wave z that consists of primary correction sub-waves Ⓐ-Ⓑ-Ⓒ.
Wave Ⓐ is a 5-wave impulse and wave Ⓑ resembles a bearish zigzag pattern.
Currently, prices are structuring a bullish impulse in wave Ⓒ of the intermediate degree (1)-(2)-(3)-(4)-(5).
Wave (4), which is a minor zigzag at the time of writing, seems completed. This is a signal for a bullish move in wave (5).
While the corrective structure is biased to the upside, we can’t miss an alternative scenario where the correction is biased to the downside.
In that case, the primary corrective wave Ⓑ is not completed.
Its formation resembles a flat pattern consisting of intermediate sub-waves (A)-(B)-(C), where the zigzags (A) and (B) look fully completed, and (C) is still under development.
A further decline in minor wave 5 near the 0.950 area would be expected as part of wave (C).