USD/CHF completed a seven-swing correction within a bigger leg E at the 0.918 level, from where a sharp recovery started developing.

This recovery is the first evidence that a low is in place, and that a minimum three-wave rally is underway.

We see wave A)/1) completed at 0.990 level, so recent bearish price activity can be part of a wave B)/2) correction, with support at 0.937/0.934 area. That said, a rise in five waves of a lesser degree, and break above the 0.978 level would be bullish for the pair.

USDCHF, daily

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