Since the beginning of the year, the instrument has been posting steady gains and has already renewed its yearly high at 0.8180 (0.0% correction), where it continues to trade. A breakout above this level, as well as above 0.8195 (100.0% expansion), would allow the “bulls” to extend the advance towards the targets of 0.8463 (161.8% expansion). Otherwise, the decline could resume towards 0.8043 (23.6% correction), 0.7960 (38.2% correction), and 0.7824 (61.8% correction).

The probability of growth remains.

On the daily chart, the descending third wave of the senior degree (3) of 5 has been completed, and a corrective structure is developing as the fourth wave (4) of 5, which includes wave C of (4). On the four-hour chart, the third wave of the junior degree iii of C has been formed, with wave (v) of iii currently developing. If this scenario proves correct, the USD/CHF pair’s upward trend is expected to continue toward the 0.8220–0.8400 zone, with a critical stop loss level at 0.8028.

During the morning session, the USD/CHF pair is developing an ultra-short-term upward trend, renewing the highs of July 14 against escalating geopolitical tensions in the Persian Gulf region.

Against the strengthening American dollar, the USD/CHF pair is trading in a corrective trend at the level of 0.8091.