Yesterday the USD/CHF was trading in a quite narrow range with price change amplitude of 50 pips. At the same time, the formation of the 4th wave (in the 5th) of the whole downside section of the trend developed since February 11 has continued. If so, the franc still can observe the estimated target level slightly below the 92 figure, thus indicating the completion of this 5th wave. At the same time, given a strong MACD divergence we cannot exclude the possibility of a reverse in favour of the dollar from the lows reached on Thursday and Friday.