(Click on image to enlarge)

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 is a standard 3-wave Ⓐ-Ⓑ-Ⓒ zigzag of the primary degree.

The first two sub-waves Ⓐ-Ⓑ have ended, so growth is expected to be 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 Ⓐ.

(Click on image to enlarge)

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 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.

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