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USDCHF Corrective Decline around the Corner

USDCHF Corrective Decline around the Corner

2012-07-23 22:36:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-chf_body_usdchf.png, USDCHF Corrective Decline around the Corner

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.” The USDCHF new high satisfies minimum expectations for wave v at several degrees of trend (a 5th within the advance from 9420 and from 9000). There is an objective at 10003, which is where the advance from 9745 would equal the advance from 9420. From a trading standpoint, trying to catch the final move is usually dangerous though. Bottom line, if a corrective decline towards 9600-9700 isn’t already underway, it will probably get underway following a test of parity.

LEVELS: 9745 9820 9860 9950 10003 10065

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