USDCHF Support Under 9140
240 Minute Bars
Prepared by Jamie Saettele, CMT
“The USDCHF rally from 8930 and decline from 9334 composes waves 1 and 2 (or A and B) of the next larger bull leg. The 3/16 high of 9253 intersects with the trendline that extends off of the January and March highs Friday. The advance from 9001 is in 5 waves which suggests a move back to 9140 before resumption of the larger bull move. In summary, weakness from the current level would present a bullish opportunity next week.” Price may extend slightly lower into 9115/40 before the larger bull trend resumes but the bulk of the correction is probably over.
Bottom Line (next 5 days) – higher