Analysis of wave counting:

Despite the USD/CHF pair was unable to continue the upward movement, it reached the level of 0.9750 and returned to the area of opening day levels in the second half of yesterday's trading session. Thus, it seems that the pair confirms the transition to the stage of forming the first waves in the wave of the future C. At the same time, the resumption of reduction of quotations will most likely significantly complicate the entire wave structure where the beginning of the year highs will be developed and the need to revise the wave composition in B.

Targets for an upward wave option:

0.9763 - 61.8% Fibonacci retracement

0.9805 - 76.4% Fibonacci retracement

Targets for a downward wave option:

0.9395 - 76.4% of Fibonacci

0.9315 - 100.0% Fibonacci retracement

General conclusions and trading recommendations:

Currently, the wave formation is not entirely unambiguous. The wave E, in B can take a more complicated form, and the decline of prices may resume towards the targets located near the estimated marks of 0.9395 and 0.9315, with 76.4% and 100.0% Fibonacci, respectively. If this wave is completed, the first wave in the future C is created with targets near the estimated levels of 0.9763 and 0.9805 corresponding to 61.8% and 76.4% Fibonacci.