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USDCHF Is Bullish Within Impulsive Rise

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Nov 06 2013

USDCHF extended its gains in the last week, through 0.9044 swing and more importantly, it moved out of a recent upward channel. This breakout (blue circle) usually occurs in the middle of a wave three of a five wave rally, so if we respect the price action then pair is now forming an important bullish reversal from October lows. With that said, USDCHF is expected to stay in bullish mode, so current slow and sideways price action above 0.9090 is wave 4 of 3) which means that price is expected to rise up in wave 5 of 3) towards 0.9180-0.9190. This bullish outlook remains valid as long as price trades above 0.9000 swing high because wave 4 must not move into the zone of wave 1, otherwise wave count will become invalid.
 
  • Our recorded webinar; covered basics of the Wave Principle and Live Analysis at the end: Click here >> http://goo.gl/uECYMw


 
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