In the USD/CHF currency pair on the H4 timeframe, we have observed a correction in the form of a double zigzag "wxy" as wave "B" to the entire price range of the previous ascending zigzag "abc" marked on the chart as wave "A". Moreover, the correction is still in its development stage. The sharp local decline in the pair's quotes was facilitated by the current weakening of the US dollar index. The potential for further decline appears limited against the oversold condition of the pair. However, a decrease in quotes even below the level of the beginning of wave "A" (0.8039) cannot be ruled out. Although this seems unlikely, such a scenario is possible if an expanded flat "ABC" acts as the senior correctional model on the daily timeframe. Confirmation of the resumption of the pair's USD/CHF quote growth as wave "C" of the senior wave model will be a reversal above the MA200 middle line level, and even more reliably - above the previously broken support level of 0.8332.
