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USDCHF: Minor Pull-back Within Uptrend

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Mar 06 2013

USDCHF accelerated higher at the end of the last week slightly through the upper channel resistance line which is a bullish signal for the pair. As such, we are now observing a new Elliott wave count with possible impulsive rally underway to 0.9500 area while 0.9335 is not breached. Notice that current pull-back from the latest high is quite slow which is usually an important sign for a corrective wave pattern. As such this pull-back could represent wave 4 in the middle of ongoing wave 3) that could reach 261.8% extension level of wave 2).

Sentiment Table

Current Trend/Sentiment Directional Bias Strategy
Up
03/06 We favour longs as long 0.9335 critical level is not breached








 

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