USDCHF made a new sharp rally yesterday from the 1.012 level, which we believe can be the first sign of a completed wave 4 correction, and that wave 5 can be in progress. As such be aware of more upside in the upcoming sessions, ideally in a five-wave manner. Also be aware of temporary pullbacks during the rally into wave 5, with a potential top being seen around the 1.024 region (Fibonacci projection zone of 261.8).
Once wave 5 fully develops, that is when a minimum three-wave bearish reversal may start to unfold.
USDCHF, 4h
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