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Usd/Chf: Temporary Lows in Place

Jan. 09, 2011 3:20 PM ET
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Jan 09 2011

Usd/Chf reached new lows in recent week or two, from where the market formed a very sharp reversal at the end of this past week. An upward reaction looks very strong, and is showing signs of an impulse wave on the lower time frame, which means that a significant low, at least temporary low, is in place around 0.9300 zone.

If fact, we can count a clear five waves of decline from the 1.1732 June 2010 highs, and we know that Elliott Theory says that after every five waves a correction follows, and this is exactly what we are anticipating. As such, the US dollar should improve a little bit against the Swiss franc, maybe even towards the trend line connected from 2008 and highs from start of December 2010, shown just above the parity level. Three wave bounce is expected toward that region.

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Usd/Chf Daily chart:

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