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German DAX

German stock index is in the ABC pullback after tracing out 5 waves up, with wave A as the first leg of the pullback near completion. That said we expect a pullback in wave B with possible resistance around 9.488 levels. We need to see a minimum of three legs down so we expect to see wave C continue towards 9072 support level, where the gap, visible on the chart may be filled.

German DAX, 1H

DAX 1

USDCHF

USDCHF is likewise in the corrective pullback from the latest highs. After tracing 5 waves up, USDCHF at the moment trades in the ABC pullback with waves A and B completed. We expect one more push down in wave C towards 0.9864 – 0.98769 , where the previous wave four can act as a support and a reversal into higher levels.

USDCHF, 1H

usdchf