USD/CHF, 2D chart. The last upward three-wave price movement could be labelled as wave ((W)) of a larger corrective structure. The following wave ((X)) is likely is taking the form of a double zigzag. In this case, we should keep an eye on the 0.618 retracement level as a potential target for the ongoing downward correction.
USD/CHF, Daily chart. The fourth wave of wave C took the form of a triangle, so a fifth-wave decline is underway. That’s why bears are likely going to push the price even lower in the short term.