Wave marking analysis:
Yesterday the USD/CHF pair has formed the wave structure that presently looks like an uprising correction within waves A, B and C. Thus, we can suppose that the descending part of the trend depicted on the chart between March 16 and 21, is the 3rd wave of the more continuous 5-wave structure. If that proves to be true, the yesterday’s high is the top of its 4th wave and the quotes decline that took place at the end of the day will probably take place within the wave 5 moving towards the targets located near levels 0.9040 – 0.9000.

Targets for the variant with the wave 5 of the descending part of the trend:

0.9038 – 127.2% according to Fibonacci
0.8993 – 161.8% according to Fibonacci

Targets for the variant with the wave 4 or first waves of the new ascending part of the trend:

0.9166 – 50.0% according to Fibonacci
0.9187 – 61.8% according to Fibonacci
0.9213 – 76.4% according to Fibonacci

General conclusions and trading recommendations:
The current waves are supposedly related to the wave 4 of the descending part of the trend. Though taking into account certain changes they can be related to the first waves of the uprising part of the trend. Yesterday’s price growth points at the formation of the wave 4 with 0.9166, 0.9187 and 0.9213 as targets. When the wave 4 is completed, the downside movement is very likely to resume within the wave 5 with targets seen below the wave 3 (or C) lows.