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…
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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