Currently, the USD/CHF pair is trading at 0.9257 amid a merger between the two largest banks in Switzerland, which hurts the franc.

The USD/CHF pair shows a moderate decline, building on the corrective momentum that was formed the day before, when the instrument was close to its local highs from March 9.

On the four-hour chart, at the support level of 0.9152, a series of Inverted Hammer candlestick analysis patterns is being formed, signaling a price reversal at the bottom, and around the level of 0.9212, a Hammer pattern is being formed, which warns market participants about a change in the direction of movement of the quotes of the trading instrument. Reversal patterns are confirmed by a series of Bullish Marubozu candlestick patterns, the formation of which was noted in the range of 0.9152–0.9355. In this case, the likely scenario is an upward dynamics to the resistance level of 0.9415 with subsequent movement to the area of 0.9587–0.9864. An alternative scenario is possible if the "bulls" fail to hold the key support level of 0.9152, then the negative dynamics may develop lower, up to the level of 0.8826.

Growth is possible.

On the daily chart, the third wave of the higher level 3 forms, within which the upward first wave (1) of 3 developed, a correction ended as the second wave (2) of 3, and the upward wave (3) of 3 develops. Now, the first wave of the lower level 1 of (3) is forming, within which the wave i of 1 has developed, and a local correction has ended as the wave ii of 1. If the assumption is correct, the USD/CHF pair will grow to the area of 0.9600–0.9819. In this scenario, critical stop loss level is 0.9057.

On the four-hour chart, the price attempted an upward correction from the 0.9095 mark (correction 0.0%) but failed to reach 0.9176 (correction 23.6%). In case of consolidation above this level, the growth may continue to 0.9226 (correction 38.2%) and 0.9265 (correction 50.0%). The key “bearish” level is 0.9095, and its breakdown will give the prospect of a decline to 0.8937 (extension 61.8%).

Against the negative dynamics of the American currency, the USD/CHF pair is trading in a corrective trend at 0.9312.