The Priest raises the chalice to the level of his eyes and says the following prayer:
FFERIMUS tibi, Domine, calicem salutaris tuam deprecantes clementiam: ut in conspectu divinae majestatis tuae, pro nostra et totius mundi salute com odore suavitatis ascendat. Amen.
E offer Thee, O Lord, the chalice of salvation, beseeching Thy clemency, that it may ascend before Thy divine Majesty, as a sweet fragrance, for our salvation, and for that of the whole world. Amen.
The Priest returns the chalice to the altar, making the sign of the cross with it as he places it on the corporal and covers it with the pall.