For the first time in months, we are taking a strong directional stand on the USDCHF. “It is possible to count 5 wave up from 1.0728 to 1.1103. An a-b-c decline to 1.0885 could be the first wave in a complex correction (W-X-Y). Wave X then is underway now and is taking the form of a triangle. A thrust lower (below 1.0885) would complete wave Y and larger wave B, which would set the stage for a C wave rally into 1.12/13.” That C wave rally may in its early stages now. Support should be strong near 1.0800/26 (Fibo levels) if price does slip lower still. STRATEGY: Bullish, against 1.0728, target TBD (above 1.1103)
For the first time in months, we are taking a strong directional stand on the USDCHF. “It is possible to count 5 wave up from 1.0728 to 1.1103. An a-b-c decline to 1.0885 could be the first wave in a complex correction (W-X-Y). Wave X then is underway now and is taking the form of a triangle. A thrust lower (below 1.0885) would complete wave Y and larger wave B, which would set the stage for a C wave rally into 1.12/13.” That C wave rally may in its early stages now. Support should be strong near 1.0800/26 (Fibo levels) if price does slip lower still.
STRATEGY: Bullish, against 1.0728, target TBD (above 1.1103)