USD/CHF Trading Within A Three Wave Move; Corrective Wave B) In Motion

Published 11/07/2016, 03:43 AM

USD/CHF is turning sharply to the downside, so it appears that big consolidation pattern remains underway, which is in progress since December of 2015. On the 4h chart we see a new three wave decline in progress, which represent wave C within a complex correction that can be fully visible on higher time frames.

So if we are correct, then we still think that downside will be limited, ideally near the 0.9600 area where price would meet a trendline connected from April of 2016.

Short-term charts suggests that pair can see more downside after a wave B) bounce, that can be now underway to 0.9800-0.9860 region.

USD/CHF, 4H
USD/CHF 4 Hour Chart

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