FX.co ★ blaise.rogahn | USD/CHF

On the USD/CHF currency pair, on the H4 chart, we already have a deep enough correction as wave "B" of a potentially ascending zigzag "ABC". Currently, this correction is presented here as a descending zigzag "abc", with the internal structure of its wave "c" still forming. At the same time, the pair's quotes show a consolidation below the MA200 moving average. Therefore, despite the local oversold condition of the pair, there is no talk of its resumption of growth. On the contrary, an impulsive structure of the final wave "c" of the mentioned zigzag is in the process of developing. Once the pair's quotes return above the MA200 moving average, not to mention above the MA100 moving average, the development of an upward trend in the pair immediately becomes relevant. For now, we are waiting for the completion of its current decline, which is also supported by the bearish outlook on the pair, including on the daily timeframe.