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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



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.