USDCHF 5th Wave Still Favored for Test of High
240 Minute Bars
Prepared by Jamie Saettele, CMT
Despite the dip above 9750, there is nothing about the USDCHF action to suggest that this is an important turn. The stop level remains 9650 as a move below there would trigger overlap with wave i and negate bullish implications from wave v. Previous comments were “the USDCHF decline from 9872 is corrective, specifically a 4th wave decline. 4th waves are often choppy, sideways affairs that take the form of a triangle or flat. The action since the low certainly fits the description. It’s possible that a low is already in place at 9750 but any additional weakness should be capped by 9714/36 (if indeed the 4th wave interpretation is correct). The stop is below 9650.”
LEVELS: 9680 9715 9750 9840 9873 9990
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