Usd/Chf: Daily close above 0.85 Calls 0.9
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Sep 06 2011
Swiss franc moved lower across the board significantly this morning after Swiss Central Bank intervention. Always when you see move like this you need to make a step back and look at the larger time frames, to see where the price stands and where is it headed.
Well, we are looking at the 4h updated count, where we can see that prices are breaking through the upper side of a base channel. As you know, in many cases this is a very strong indication for a wave three acceleration of an impulsive wave count, as Elliott Wave Theory suggests. As such, we believe that daily close price today will be very important. Close above 0.850 will put much higher levels for days ahead even 0.9 within a wave 3. In such case, our critical region will be at 0.7710, current wave B/2 low.
In fact, a week back we sent a note to subscribers that Usd/Chf has likely reached a major bottom, around 0.7060.
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