Wednesday, January 18, 2012

USD CHF, big 5 wave move down seems to completed!

This is a weekly chart of USDCHF. And as we can see on the chart we have completed 5 wave down, the 5th wave ended with a spike down, which is a sign of prices rejecting such levels. As per EWP a 5 wave move is followed by a 3 wave retracement, so we might see the recent rise in prices extending towards the 3 fibo levels marked on the chart. The pattern which the corrective rally will form cannot be foretasted at this point in time, but we can safely say that we are bound to see higher levels on this pair.

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