On the updated chart of USDCHF we can see that market recently made a three-wave recovery into wave 4 as part of a downtrend, that found resistance at the 0.9807 level. As we can see a new drop happened last week, which we labeled as final wave 5 of C). That said current drop can see limited downside around the Fibonacci ratio of 161.8 or 200% and later ideally make a new reversal higher in impulsive fashion.
