USDCHF is coming impulsively down from around 0.92 area and it’s probably in a new bearish impulse as price dropped out of a base channel, suggesting we are in middle of wave 3 of a five-wave bearish cycle as shown on 4h TF. There is room for 0.87 – 0.86 area in the next few days, just be aware of subwave “iv” pullback before a bearish resumption for subwave “v” of 3.
On the intraday basis USDCHF made a nice subwave (iv) pullback that retested the base channel lower line as a resistance, so watch out for more weakness now within subwave (v) of »iii« towards 0.87 area.
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