On Friday, the USD/CHF pair began a correction from the lows of October 17, and today, during the morning session, it is testing 0.7950 in anticipation of new drivers.

After testing the 0.8065 level, the USD/CHF pair is falling to around 0.7897 amid the weakening of the American dollar after the end of a record 43-day shutdown. On November 12, US President Donald Trump signed a bill extending government funding until January 30, easing tensions in the markets and weakening interest in safe-haven assets. According to White House economic adviser Kevin Hassett, the government shutdown cost the economy about 60.0K jobs and 1.5% of the Q4 gross domestic product (GDP).

The price is in a correction and may grow.

On the daily chart, the downward third wave of the highest level (3) of 5 ended, and the correctional fourth wave (4) of 5 develops. Now, the upward wave C of (4) is forming, within which the third wave of the lowest level iii of C has developed, and the correctional fourth wave iv of C is ending. If the assumption is correct, the USD/CHF pair will grow to the area of 0.8181–0.8250. In this scenario, the critical stop loss level is 0.7923.

The USD/CHF pair is trading in a main sideways range of 0.8118–0.7874 (Murrey level [5/8]–[1/8]): last week, quotes reached its upper limit, but were unable to break higher and began a downward correction.

The USD/CHF pair is trading in a corrective trend at 0.8059: the franc is stable amid a slowdown in the upward momentum of the American dollar and a slight decline in investor interest in safe-haven currencies.

On the four-hour chart, a large Bullish Flag graphic figure is being formed, from which the price exited at the level of 0.8075, and the potential target is located in the area of 0.8213 and higher.