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USD/CHF Trades Higher While S&P500 Facing Resistance

The US stocks are up today, but looking on the 15min S&P500 chart, we can see only three waves of recovery from the lows, which could be a corrective move. In fact, we see a divergence on the MACD histogram with slower price action in wave C compared to wave A; which is a very common situation in corrective sequence.

Yes, the larger 4h trend is still pointing higher, but on this 15min chart is just something that needs to be considered…

USD CHF Elliot Wave Technical Analysis May 10
So, if 15min outlook on the S&P500 is correct, and if prices will reverse from resistance somewhere around 1360/65, then this should be good for the USD across the board, especially against the Swiss Franc which is one of the weakest currencies today after the poor CPI numbers.

Looking at the Usd/Chf 4h chart, wave 2/B may have already found the bottom at 0.8705 region with wave 3/C underway. In this case, support channel line must hold; if not, then we will look for more sideways in coming sessions, before uptrend resumes. But all in all, uptrend remains in play as long as the market trades above May 4th low.

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Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.