The current USDCHF structure hints at the end of the bearish triple zigzag Z of a cycle degree.
Intermediate impulse wave (1) has completed whilst the bearish correction wave (2) is still under development.
In the short term, we could expect a decline in the minor impulse C to the 0.908 area. At that level, correction (2) will be at 50% of impulse (1).
After the end of the corrective move, we could see a rise above the level of 0.929 formed by primary intervening wave Ⓧ.
An alternative scenario shows cycle wave Z has not yet completed.
In the final zigzag Ⓩ, a flat wave (B) of the intermediate degree has recently been constructed.
We are currently seeing a decline in the initial part of the bearish impulse (C). In the medium term, sub-waves 2-3-4-5 will send prices down to the 0.892 area.
At that level, intermediate impulses (A) and (C) will be equal.
