On the daily chart of the U.S. dollar/Swiss franc (USD/CHF) currency pair we are looking at a higher degree complex correction, a three wave A-B-C rise, that seems to be in action since end of December of 2014. On the updated daily chart we now see price pointing toward new gains as market recently seems to have complete a triangle consolidation in wave B. A decisive break above the wave D swing could prove to be a nice confirmation for a continuation towards higher prices within black wave C of Y).
Regarding the 4-hour view, USD/CHF has turned sharply to the downside ahead of the U.S. elections, and found a bottom at 0.9550 after only a three wave decline down from 1.0000 psychological level. Notice that market turned up sharply from that area as expected which we see it as impulsive reaction now that belongs to a new bullish leg; wave V based on a completed Elliott Wave triangle shown on higher time-frame charts.
As such, current retracement is most-likely only a temporary corrective set-back; ideally wave four that may find a support near 1.0000 area.
Basic Triangle Pattern
Triangles are overlapping five wave affairs that subdivide 3-3-3-3-3. They appear to reflect a balance of forces, causing a sideways movement that is usually associated with decreasing volume and volatility.