The USDCHF formation on the 1H timeframe hints at a standard zigzag pattern consisting of primary waves Ⓐ-Ⓑ-Ⓒ. This completed a large intervening wave x of a cycle degree.
At the moment, bears have managed to form intermediate sub-waves (1) and (2) of the primary impulse Ⓐ.
The price decline could continue to the previous low at 0.887, marked by the primary correction Ⓑ.
An alternative scenario suggests that the formation of the cycle wave x has not yet completed.
Minor wave 4 ended in the form of minute triple zigzag. This was inside the intermediate impulse wave (5).
Therefore, in the next coming trading days, we can expect growth and development of the minor wave 5 to the 0.949 area.
At that level, intermediate impulse (5) will be at 61.8% of wave (3).