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.
Check our services for 45€ per month or 110€ per three months! Learn more
Usd/Chf Daily chart:
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.