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USDCHF reversed lower yesterday from around 0.9750.  However, this is not a surprise if we respect the structure from 0.9242 which was clearly made in five waves, and we know that this happens after every five wave correction.

As such, we think that the pull-back from the top is temporary, but we still need a three wave retracement before we can turn bullish again.

Ideally, the pair is now in wave 2 which will find support somewhere in the area of a wave four of one lesser degree, near 38.2% Fibonacci zone.

USDCHF Elliott Wave Technical Analysis for foreign exchange trading May 16 2013