The USD/CHF pair shows mixed dynamics, consolidating near 0.8980. The instrument showed a moderate decline, retreating from the local highs of early July, in response to the publication of macroeconomic data from the US.

The USD/CHF pair is moving within the upward trend, testing 0.9005 (Fibonacci correction 23.6%) against the American dollar growth after the US Fed’s monetary policy decision.

The price is in a correction, a fall is possible.

On the daily chart, the downward fifth wave of the higher level 5 developing, within which the wave (1) of 5 formed, a correction has ended as the wave (2) of 5, and the downward wave (3) of 5 develops. Now, a correction is ending as the second wave 2 of (3), within which the wave c of 2 is forming. If the assumption is correct, after the correction the USD/CHF pair will fall to the area of 0.8380–0.8050. In this scenario, critical stop loss level is 0.9232.

The USD/CHF pair is trading at 0.8908, trying to break the 0.8920 resistance level after the Swiss National Bank cut the interest rate by 50 basis points to 0.50%, contrary to forecasts for a –25 basis point adjustment.

The USD/CHF pair is trading in a correction trend at 0.8927, preparing to continue its positive dynamics against the strengthening of the American currency.