USD/CHF has been in a 3-wave correction decline this week, and in the 1/12 US trading session has satisfied and extended beyond the C=A wave projection. It is now trading just above the 61.8% retracement level (of the 0.9305 to 0.9594 swing) at 0.9150. If a pullback respects the 0.9465 level, 200 hour simple moving average and previous pivot, the market would be giving us a very strong clue for the bearish outlook.
An important pivot to rally above for the return of the bullish scenario is the 0.9520 pivot. Then we can be looking for at least a re-test of the 0.9594 high for bullish continuation in a larger time-frame.
The 4H chart shows a swing projection toward 0.97. This is both a measured move and near a pivot established March 2009, as well as Jan and Feb of 2011. The March 2009 pivot is lower, near 0.97, while the Jan/Feb pivots are a bit higher near 0.9770. With this in mind, a conservative target can be 0.97 for the short-medium term bullish consoliation
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