USD/CHF Back In Rally Mode – Projecting The Next Targets
Saxo Bank | May 19, 2013 06:45AM ET
USD/CHF consolidated after reaching a perfect test of the 0.9750 area. The pair’s ripping comeback suggests even higher potential may be in the cards if current themes continue.
USD/CHF showing all the signs of “third wave” behaviour after it ripped through the 0.9500+ resistance on the way up. It consolidated rather sharply after a perfect go at the 100% Fibo extension target at 0.9750. The next extension targets are 100.85 for the 161.8% and the 106.35 for a really wild third wave of 261.8%. The more aggressive targets would also likely require a EURCHF break-out higher through 1.2500/50. The major support is 0.9500.
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