On the 1H timeframe, the USDCHF pair shows the final part of a large double zigzag consisting of cycle sub-waves w-x-y. The price decline in the cycle wave y, which is the primary standard zigzag, has ended.
Currently, the initial part of a new corrective trend is developing. This a standard 3-wave Ⓐ-Ⓑ-Ⓒ zigzag of the primary degree.
The first two sub-waves Ⓐ-Ⓑ have ended, so growth is expected to 1.0096 in the final impulse Ⓒ. This takes the form of an ending diagonal 1-2-3-4-5, as shown in the chart.
At that level, wave Ⓒ will be at 123.6% of first impulse Ⓐ.
Alternatively, the cycle pattern could take a more complex triple zigzag w-x-y-x-z pattern.
If this option is confirmed, we will see a decrease in the price in the final sub-wave z.
It is possible that the wave z will be at 123.6% of wave y and will end its pattern near 0.931. The first primary sub-wave Ⓐ could end at a minimum of 0.947.
