USDCHF Approaches Top of Resistance Zone
240 Minute Bars
Prepared by Jamie Saettele, CMT
The USDCHF correction continues to mature as the decline from 9971 is 35 pips shy of sporting 2 equal legs. The ‘easy’ part of the decline is probably complete and one should expect more 2 way action in the coming week(s). Respect potential for a move back to 9770-9800 in the short term. “Elliott wave guidelines state that wave 4 often alternates with wave 2 of the same degree with respect to character. In other words, if wave 2 is sharp and simple then expect wave 4 to be shallow and complex. Wave 2 (9334-9001) was sharp (retracing over 78.6% of wave 1) and simple (3 wave zigzag) thus we should expect wave 4 to be shallow and complex.”
LEVELS: 9563 9600 9655 9723 9770 9830
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