The USD/CHF pair yesterday tested the 0.8789 mark (Murrey level [0/8]) but has not yet been able to consolidate below it, since the US currency is under pressure amid investors' expectations of the imminent start of monetary policy easing by the US Federal Reserve.

A fall is possible.

On the daily chart, the downward third wave of the higher level 3 forms, within which the wave (1) of 3 develops, an upward correction ended as the wave (2) of 3, and the downward wave (3) of 3 forms. Now, the first wave of the lower level 1 of (3) is developing, within which a local correction has formed as the wave iv of 1, and the wave v of 1 is forming. If the assumption is correct, the USD/CHF pair will fall to the area of 0.8555–0.8323. In this scenario, critical stop loss level is 0.9055.

On the four-hour chart, at the support level of 0.8830, there is a series of Hammer and Morning Star reversal patterns of candlestick analysis, after which the price reversed upwards, and at the moment, Three White Advancing Soldiers patterns of continuation of the uptrend are being formed, which signal increasing pressure from the "bulls". 

Amid the positive dynamics of the American dollar and the stabilization of the franc, the USD/CHF pair is trading in a correction trend at 0.8890.