(Click on image to enlarge)

The structure of USDCHF hints that at the end of November, the actionary wave y of the cycle degree ended. This was followed by a cycle intervening wave x.

The intervening wave x takes the form of a primary triple Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ zigzag. Currently, there is a decrease in the price in the final wave Ⓩ, which takes the form of an intermediate double (W)-(X)-(Y) zigzag.

In the near future, the intermediate wave (Y) could end at the level of 0.904, as shown on the chart. At that level, wave x will be at 76.4% of wave y.

After the end of wave x, bulls can update the previous high of 0.937, marked by the intervening wave y.

(Click on image to enlarge)

According to an alternative scenario, the formation of the cycle intervening wave x is fully complete. Now we are seeing a price increase and the development of a cycle wave z.

The intervening wave Ⓧ took the form of a triple zigzag (W)-(X)-(Y)-(X)-(Z). The final actionary wave Ⓨ can likely be a double (W)-(X)-(Y) zigzag.

The intermediate wave (Y) could end at the 0.952 area. At that level, cycle waves z and y will be equal.