The USDCHF remains stuck in a tight range, so a break in either direction is likely to be violent.
The weight of evidence suggests that the break will be lower but the pattern is not especially clear. “There is little doubt that the advance from .9647 is corrective because a triangle separates the two legs. The only question is whether or not the rally from .9647 is a complete 3 wave rally or just the first wave of a larger more complex correction.” The down-up-down-up sequence since the 1.0624 top could be a series of 1st and 2nd waves. However, confidence in this count is low as the pattern since 1.0540 is not indicative of a 3rd wave decline.