Search ForexCrunch

USDCHF unexpectedly turned higher during this week back to the 0.9000 level but still in the context of a larger bearish trend if we consider the latest structure. We see a five wave fall from above 0.9170 to 0.8888 so the current upward reaction could be just a temporary bear market rally.

Notice that the current recovery is also approaching the former wave 4 as well as to the 38.2% and 50% retracement area that could react as a strong resistance zone.

With that said, the new sell-off on this pair may follow soon. Only a rise and close above 0.9100 would put bullish price in action. Until then we are bearish.

8559usdchf_oct_30_2013_4h technical analysis Elliott Wave graph