Jamie's Pick: 05/16/11
The USDCHF reversed just shy of its 100% extension near 8950. A close look at the rally from the low however reveals a 5 wave structure, which may compose the first leg of a larger bull move. Over the next several weeks, the USDCHF will probably work lower into the Fibonacci zone of 8772-8688 before finding a secondary low.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.