FX.co ★ USD/CHF

It looks more and more like on the H4 chart of the USD/CHF currency pair, an expanded flat "abc" pattern is developing instead of a horizontal triangle as the corrective wave "b" of a potential ascending zigzag "abc". In particular, an impulsive structure of its wave "c" is currently forming in a downward direction. Confirmation of this will be the renewal of the lower fractals at the levels of 0.7868 and 0.7878. Ultimately, this will lead to a breakthrough of the lower-lying MA200 moving average line. For now, we have a flat consolidation of the pair's quotes within the internal space between the MA100 and MA200 moving average lines, which I associate with the development of the 4th corrective sub-wave within the wave "c" of the flat. As for the daily timeframe, here the pair's quotes are also aiming below the MA100 moving average line, which also supports the pair's decline. Thus, the pair's growth is currently postponed.