USDCHF reversed sharply lower in the past week from the 0.9566 peak and also closed on a daily and weekly basis beneath the 0.9430 swing.
In fact, the move from 0.9566 was very sharp so we believe it’s only the first leg of a minimum three-wave decline, labeled as A)-B)-C).
Ideally pair is now in wave B) with resistance seen around 0.9500. A breakdown into wave C) towards 0.9340 is expected as long as 0.9566 is in place.
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03/18 We favour shorts as long as 0.9566 critical level holds. |
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