Guest Commentary: MarketVisionTV - $ Swiss Flatters to Deceive
The Dollar corrected back from the 89.30 low exactly back to down channel resistance in the 90.10 area and has held below it ever since. The decline looks impulsive as indeed it should being part of a Major C wave from the 93.00 B wave high. However the subdivision of the Third wave is a little messy, our current view is that the rally to 90.10 was only 4 of the larger 3rd wave. Thus the way is open for a drop through 89.30 for the 88.60-80 short term target. Thereafter a reaction should occur in interim 4 before attempting the 87.90 target in 5 as highlighted on the daily analysis. ideally now 90.10 will cap but only above the bottom of wave one at 90.85 negates the structure and opens 91.50 short term but with the prospect to retest 93.00.
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By Ian Park at MarketVisionTV.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.