USDCHF Former 4th Waves are in Play as Support
Prepared by Jamie Saettele, CMT
The last comments before my break were that “The move likely extends a bit lower…9557 and 9414 are objectives. Interestingly, these levels coincide with former pivots from early July (9563) and the former 4th wave of one less degree (9420).” The USDCHF dropped more than most had probably expected and many are asking if this decline is the beginning of a larger bear. Consider that the current level is defined by former 4th wave extremes at 9420 and 9367, and channel support (albeit downward sloping) and then ask if you should turn bearish. My next move is to turn bullish but I don’t know if it will be after a slight new low or after a rally above 9518.
LEVELS: 9334 9367 9413 9500 9545 9580
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