USD/CHF Busts The Wedge; Near Term Support Near .9330

DailyFX

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eliottWaves_usd-chf_body_usdchf.png, USD/CHF Busts The Wedge; Near Term Support Near .9330

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: “The pattern is the exact inverse of the EURUSD (A-B-C decline with wave C as a diagonal). If the interpretation is correct, then the wave C diagonal (from .9533) will probably be retraced quickly.” Today’s rally suggests that the decline is complete. A pullback into support, whether Friday or early next week, will present an opportunity.

FOREXTrading Strategy: Swing longs should set up next week.

LEVELS: .9227 .9260 .9330 .9403 .9477 .9534

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